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Corporate Insolvency and Governance Act 2020

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Obtaining creditor consent at meetingN.I.

22N.I.If a meeting under Article 13CC(2) of the Insolvency (Northern Ireland) Order 1989 is held during the relevant period (within the meaning given by paragraph 1), paragraph 3 of Schedule 14 applies to the meeting as if it were a meeting within sub-paragraph (2) of that paragraph (even if the meeting is not held within the relevant period within the meaning of that Schedule).

23(1)In their application for the purposes of a decision by pre-moratorium creditors to consent to a revised end date for a moratorium under Article 13CC of the Insolvency (Northern Ireland) Order 1989, the Insolvency Rules have effect with the following modifications.N.I.

(2)References to creditors are to be read as references to the pre-moratorium creditors.

(3)The following rules have effect with the further modifications set out in paragraphs 24 to 30—

(a)Rule 4.061;

(b)Rule 4.062;

(c)Rule 4.065;

(d)Rule 4.068;

(e)Rule 4.070;

(f)Rule 4.073;

(g)Rule 4.077.

24N.I.Rule 4.061 has effect as if for paragraphs (1) to (6) there were substituted—

(1)For the purposes of Rules 4.061 to 4.077 the directors summoning a meeting of pre-moratorium creditors under Article 13CC of the Order are referred to (collectively) as “the convener”.

(2)When a venue for such a meeting has been fixed, notice of it must be given by the convener to every pre-moratorium creditor who is known to the convener.

(3)Notice of the meeting must be given at least 5 days before the date fixed for it, and must specify the purpose of the meeting.

(4)The notice shall state that proofs and (if applicable) proxies shall be lodged at a specified place not later than 12.00 hours on the business day before the date fixed for the meeting in order for pre-moratorium creditors to be entitled to vote at the meeting.

25N.I.Rule 4.062 has effect as if for paragraphs (2) to (5) there were substituted—

(2)The convener must nominate a person to act as chairman.

26N.I.Rule 4.065 has effect as if, in paragraph (2), for “21 days” there were substituted “ 5 days ”.

27N.I.Rule 4.068 has effect as if for it there were substituted—

4.068.The expenses of summoning and holding a meeting of pre-moratorium creditors at the instance of the directors of the company are to be paid by the company.

28N.I.Rule 4.070 has effect as if for it (and its heading) there were substituted—

Requisite majoritiesN.I.

4.070.(1)A decision to consent to a revised end date for a moratorium under Article 13CC of the Order is made if, of those voting—

(a)a majority (in value) of the pre-moratorium creditors who are secured creditors vote in favour of the proposed decision, and

(b)a majority (in value) of the pre-moratorium creditors who are unsecured creditors vote in favour of the proposed decision.

(2)But a decision to consent to a revised end date for a moratorium under Article 13CC of the Order is not made if, of those voting, either—

(a)a majority of the pre-moratorium creditors who are unconnected secured creditors vote against the proposed end date, or

(b)a majority of the pre-moratorium creditors who are unconnected unsecured creditors vote against the proposed end date.

(3)For the purposes of paragraph (2)—

(a)a creditor is unconnected unless the convener or chair decides that the creditor is connected, and

(b)the total value of the unconnected creditors is the total value of those unconnected creditors whose claims have been admitted for voting.

29N.I.Rule 4.073 has effect as if—

(a)after paragraph (3) there were inserted—

(3A)Votes are calculated according to the amount of each pre-moratorium creditor's claim at the date of the meeting.;

(b)for paragraph (4) there were substituted—

(4)A debt of an unliquidated or unascertained amount is to be valued at £1 for the purposes of voting unless the convener or the chairman decides to put a higher value on it.;

(c)for paragraph (5) there were substituted—

(5)If a debt is partly or wholly secured the value of the debt for voting purposes is its full value without deduction of the value of the security.;

(d)for paragraph (6) there were substituted—

(6)A pre-moratorium creditor under a hire-purchase agreement is entitled to vote in respect of the amount of the debt due and payable by the company at the date of the meeting.

(6A)In calculating the amount of any debt for the purpose of paragraph (6), no account is to be taken of any amount attributable to the exercise of any right under the relevant agreement so far as the right has become exercisable solely by virtue of a moratorium for the company coming into force.

30N.I.Rule 4.077 has effect as if—

(a)in paragraph (1) for “liquidation” there were substituted “ moratorium ”;

(b)paragraph (4) were omitted.

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