SCHEDULE 1Amendments to the Insolvency Rules 1986
Amendments to Rule 1.5232
1
Rule 1.52 (requisite majorities (creditors)) is amended as follows.
2
For paragraphs (1) and (2) substitute—
1
Subject to paragraph (2), at the creditors’ meeting, a resolution is passed when a majority (in value) of those present and voting in person or by proxy have voted in favour of it.
2
A resolution to approve the proposal or a modification is passed when a majority of three-quarters or more (in value) of those present and voting in person or by proxy have voted in favour of it.
3
In paragraph (4)(a) for “convener of the meeting” substitute “nominee”.