The Insurers (Winding Up) (Scotland) Rules 2001

Meetings of creditors

23.—(1) In the case of a company carrying on long-term business, Chapter 4 (meetings of creditors) and rule 4.31 (final meeting) of Part 4 and Chapters 1 and 2 of Part 7 (meetings and proxies and company representation) of the principal rules apply to each separate general meeting of the creditors summoned under the 1986 Act or the principal rules.

(2) In relation to any such separate meeting—

(a) rule 7.6(6) of the principal rules (meetings requisitioned) has effect as if the reference therein to assets of the company was a reference to the assets available under the above-mentioned Regulations for meeting the liabilities of the company owed to the creditors summoned to the meeting, and

(b) rule 7.12 of the principal rules (resolutions) applies as if the reference therein to value in relation to a creditor who is not, by virtue of rule 6, 7 or 8, required to submit or lodge a claim, was a reference to the value most recently notified to him under rule 21 above or, if the court has determined a different value in accordance with rule 21(4), as if it were a reference to that different value.