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Act of Sederunt (Rules of the Court of Session 1994 and Sheriff Court Company Insolvency Rules Amendment) (Insolvency) 2019

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Amendment of the Rules of the Court of Session 1994

2.—(1) Chapter 74 (companies) of the Rules of the Court of Session 1994(1) is amended in accordance with this paragraph.

(2) In rule 74.30A (applications under section 176A of the Act of 1986)(2), after paragraph (1) insert—

“(1A) The petition or note, as the case may be, must include averments in relation to—

(a)the type of insolvency proceedings in which the application arises;

(b)the financial position of the company;

(c)the basis for the applicant’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits; and

(d)whether any other insolvency practitioner is acting in relation to the company and, if so, that insolvency practitioner’s name and address.”.

(1)

The Rules of the Court of Session 1994 are in schedule 2 of the Act of Sederunt (Rules of the Court of Session 1994) 1994 (S.I. 1994/1443), last amended by S.S.I. 2019/227.

(2)

Rule 74.30A was inserted by S.S.I. 2003/385.

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