The Insolvency Rules (Northern Ireland) 1991

Rule 4.078(7)

SCHEDULE 1 DEPOSIT PROTECTION BOARD'S VOTING RIGHTS

1.  This Schedule applies as does Rule 4.078.

2.  In relation to any meeting at which the Deposit Protection Board is under Rule 4.078 entitled to be represented, the Board may submit in the liquidation, instead of a proof, a written statement of voting rights (“ the statement”).

3.  The statement shall contain details of—

(a) the names of creditors of the company in respect of whom an obligation of the Board has arisen or may reasonably be expected to arise as a result of the liquidation or proposed liquidation;

(b) the amount of the obligation so arising; and

(c) the total amount of all such obligations specified in the statement.

4.  The Board's statement shall, for the purpose of voting at a meeting (but for no other purpose), be treated in all respects as if it were a proof.

5.  Any voting rights which a creditor might otherwise exercise at a meeting in respect of a claim against the company are reduced by a sum equal to the amount of that claim in relation to which the Board, by virtue of its having submitted a statement, is entitled to exercise voting rights at that meeting.

6.  The Board may from time to time submit a further statement, and, if it does so, that statement supersedes any statement previously submitted.