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.