SCHEDULES
F1C2C3C4SCHEDULE B1 ADMINISTRATION
Sch. B1 applied in part (with modifications) (5.10.2004) by Energy Act 2004 (c. 20), ss. 159(1), 198, Sch. 20 Pts. 1-3; S.I. 2004/2575, art. 2(1), Sch. 1
Sch. B1 applied (with modifications) (1.7. 2005) by S.I. 1994/2421, art. 6(1), Sch. 2 (as amended (1.7.2005) by S.I. 2005/1516, arts. 3, 7, Sch. 1 (with art. 2))
Sch. B1: specified provisions applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 93(2)(3), {Sch. 10 Pts. 1, 2}; S.I. 2011/2329, art. 3 (with arts. 4, 5)
GENERAL
C1108
1
A period specified in paragraph 49(5), 50(1)(b) or 51(2) may be varied in respect of a company by the administrator with consent.
2
In sub-paragraph (1) “consent” means consent of—
a
each secured creditor of the company, and
b
if the company has unsecured debts, creditors whose debts amount to more than 50% of the company’s unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.
3
But where the administrator has made a statement under paragraph 52(1)(b) “consent” means—
a
consent of each secured creditor of the company, or
b
if the administrator thinks that a distribution may be made to preferential creditors, consent of—
i
each secured creditor of the company, and
ii
preferential creditors whose debts amount to more than 50% of the total preferential debts of the company, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.
4
Consent for the purposes of sub-paragraph (1) may be—
a
written, or
b
signified at a creditors’ meeting.
5
The power to extend under sub-paragraph (1)—
a
may be exercised in respect of a period only once,
b
may not be used to extend a period by more than 28 days,
c
may not be used to extend a period which has been extended by the court, and
d
may not be used to extend a period after expiry.
Sch. B1 inserted (15.9.2003) by 2002 c. 40, ss. 248(2), 279, Sch. 16 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))