Meetings of creditors24

1

In the case of a company carrying on long-term business in whose case no stop order has been made, the creditors entitled to participate in creditor’s meetings may be—

a

in relation to the long-term business assets of the company, only those who are creditors in respect of liabilities attributable to the long-term business of the company; and

b

in relation to the other business assets of the company, only those who are creditors in respect of liabilities attributable to the other business of the company.

1A

In a case where separate general meetings of the creditors are summoned by the liquidator pursuant to—

a

paragraph (1); or

b

regulation 29 of the Insurers (Reorganisation and Winding-Up) Regulations 200412 (composite insurers: general meetings of creditors),

chapter 8 of Part 4 and Part 8 of the principal Rules apply to each such separate meeting.

2

In relation to any such separate meeting—

a

Rule 4.068(3) of the principal Rules (expenses of summoning meetings) has effect as if the reference therein to assets were a reference to the assets available under the above mentioned Regulations for meeting the liabilities of the company owed to the creditors summoned to the meeting, and

b

Rule 4.070 of the principal Rules (resolutions) applies as if the reference therein to value in relation to a creditor who is not, by virtue of Rule 6, 7 or 8, required to prove his debt, were a reference to the value most recently notified to him under Rule 22 or, if the High Court has determined a different value in accordance with Rule 22(4), as if it were a reference to that different value.

3

In paragraph (1)—

  • “long-term business assets” means the assets representing the fund or funds maintained by the company in respect of its long-term business;

  • “other business assets” means any assets of the company which are not long-term business assets.