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SCHEDULE 1Amendments to the Insolvency Rules 1986

Amendments to Rule 1.52

32.—(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”.