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The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018
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Calculation of voting rightsS
This section has no associated Explanatory Memorandum
5.28.—(1) Votes are calculated according to the amount of each creditor's claim—
[F1(za)in a decision procedure in respect of a moratorium under Part A1 of the Act, as at the decision date;]
(a)in an administration, as at the date on which the company entered administration, less—
(i)any payments that have been made to the creditor after that date in respect of the claim, and
(ii)any adjustment by way of set-off which has been made in accordance with that principle or would have been made if that principle were applied on the date on which the votes are counted;
(b)in a proposed CVA—
(i)at the date the company went into liquidation where the company is being wound up,
(ii)at the date the company entered administration (less any payments made to the creditor after that date in respect of the claim) where it is in administration,
[F2(iii)where (i) and (ii) do not apply, at the decision date;]
F3(iv). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) A creditor may vote in respect of a debt of an unliquidated or unascertained amount if the convener or chair decides to put upon it an estimated minimum value for the purpose of entitlement to vote and admits the claim for that purpose.
(3) In relation to [F4a decision procedure in respect of a moratorium under Part A1 of the Act, or] a proposed CVA, a debt of an unliquidated or unascertained amount is to be valued at £1 for the purposes of voting unless the convener or chair or an appointed person decides to put a higher value on it.
(4) Where a debt is wholly secured its value for voting purposes is nil.
(5) Where a debt is partly secured its value for voting purposes is the value of the unsecured part.
[F5(6) The value of the debt for voting purposes is its full value without deduction of the value of the security in the following cases—
(a)where, in respect of a moratorium under Part A1 of the Act, there is a decision of pre-moratorium creditors on whether to extend or further extend that moratorium under section A11; and
(b)where the administrator has made a statement under paragraph 52(1)(b) of Schedule B1 and the administrator has been requested to seek a decision under paragraph 52(2) of that Schedule.]
(7) No vote may be cast in respect of a claim more than once on any resolution put to the meeting. F6...
(8) A vote cast in a decision procedure which is not a meeting may not be changed.
(9) Paragraph (7) does not prevent a creditor F7... from—
(a)voting in respect of less than the full value of an entitlement to vote; or
(b)casting a vote one way in respect of part of the value of an entitlement and another way in respect of some or all of the balance of that value.
Textual Amendments
F1Rule 5.28(za) inserted (1.10.2021) by The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) (Amendment) Rules 2021 (S.I. 2021/1026), rules 1, 41(2) (with rules 4, 5)
F2Rule 5.28(1)(b)(iii) substituted (1.10.2021) by The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) (Amendment) Rules 2021 (S.I. 2021/1026), rules 1, 41(3)(a) (with rules 4, 5)
F3Rule 5.28(1)(b)(iv) omitted (1.10.2021) by virtue of The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) (Amendment) Rules 2021 (S.I. 2021/1026), rules 1, 41(3)(b) (with rules 4, 5)
F4Words in rule 5.28(3) inserted (1.10.2021) by The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) (Amendment) Rules 2021 (S.I. 2021/1026), rules 1, 41(4) (with rules 4, 5)
F5Rule 5.28(6) substituted (1.10.2021) by The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) (Amendment) Rules 2021 (S.I. 2021/1026), rules 1, 41(5) (with rules 4, 5)
F6Words in rule 5.28(7) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 137ZO(a) (as inserted by S.I. 2019/1459, reg. 1(2), Sch. para. 6); 2020 c. 1, Sch. 5 para. 1(1) Edit
F7Words in rule 5.28(9) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 137ZO(b) (as inserted by S.I. 2019/1459, reg. 1(2), Sch. para. 6); 2020 c. 1, Sch. 5 para. 1(1) Edit
Modifications etc. (not altering text)
C1Rules 5.25-5.28 applied by 2016 asp 21, s. 14B(3) (as amended (23.7.2019) by The Insolvency (Scotland) Rules 2018 (Miscellaneous Amendments) Rules 2019 (S.I. 2019/1059), rules 1, 6)
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