C2C3C4PART 5DECISION MAKING
Pt. 5 applied (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 4 para. 81(a) (with ss. 2(2), 5(2), Sch. 4 para. 52)
Pt. 5 applied in part (with modifications) (30.9.2021) by S.I. 2014/229, art. 2(2A), Sch. 1A paras. 1(4)(5), 48-53, 66(a), 74 (as inserted by The Co-operative and Community Benefit Societies (Administration) (Amendment) Order 2021 (S.I. 2021/1048), arts. 1(1), 2)
C1CHAPTER 4Requisitioned decisions
Pt. 5 Chs. 1-9 applied in part (with modifications) (6.4.2019) by The Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (S.S.I. 2018/347), rules 1, 11.10(3)
[Note: a document required by the Act or these Rules must also contain the standard contents set out in Part 1.]
Requisitions of decision
[Note: this rule is concerned with requests by creditors for a decision, rather than requests for decisions to be made by way of a physical meeting under section 246ZE(3).]
5
1
In this Chapter, “requisitioned decision” means a decision requested to be sought under paragraph 52(2) or 56(1) of Schedule B1.
2
A request for a decision to be sought under paragraph 52(2) of Schedule B1 must be delivered within eight business days of the date on which the administrator's statement of proposals is delivered.
3
The request for a requisitioned decision must include a statement of the purpose of the proposed decision and either—
a
a copy of the requesting creditor's statement of claim, together with—
i
a list of the creditors concurring with the request and of the amounts of their respective claims, and
ii
confirmation of concurrence from each creditor concurring; or
b
a copy of the requesting creditor's statement of claim and a statement that that alone is sufficient without the concurrence of other creditors.
Expenses and timing of requisitioned decision5
1
The convener must, not later than 14 days from receipt of a request for a requisitioned decision, provide the requesting creditor with itemised details of the sum to be deposited as caution for payment of the expenses of such procedure.
2
The convener is not obliged to initiate the decision procedure or deemed consent procedure (where applicable) until either—
a
the convener has received the required sum; or
b
the period of 14 days has expired without the convener having informed the requesting creditor of the sum required to be deposited as caution.
3
A requisitioned decision must be made within 28 days of the date on which the earlier of the events specified in paragraph (2) of this rule occurs.
4
The expenses of a requisitioned decision must be paid out of the deposit (if any) unless the creditors decide that they are to be payable as an expense of the administration.
5
The notice of a requisitioned decision of creditors must contain a statement that the creditors may make a decision as in paragraph (4) of this rule.
6
Where the creditors do not so decide, the expenses must be paid by the requesting creditor to the extent that the deposit (if any) is not sufficient.
7
To the extent that the deposit (if any) is not required for payment of the expenses, it must be repaid to the requesting creditor.
Pt. 5 applied in part (with modifications) (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 4 paras. 63(1)(a), 64-68 (with ss. 2(2), 5(2), Sch. 4 para. 52)