The Insolvency (England and Wales) Rules 2016 No. 1024

PART 14 E+W CLAIMS BY AND DISTRIBUTIONS TO CREDITORS IN [F1 A MORATORIUM,] ADMINISTRATION, WINDING UP AND BANKRUPTCY

Textual Amendments

F1 Words in Pt. 14 heading inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 52 (with rules 4, 5)

CHAPTER 2 E+W Creditors' claims in [F2 a moratorium,] administration, winding up and bankruptcy

Textual Amendments

F2 Words in Pt. 14 Ch. 2 heading inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 54 (with rules 4, 5)

14.13.—(1) This rule applies in an administration or in a winding up of a company (other than a members' voluntary winding up) to any property which from its peculiar nature or other special circumstances cannot be readily or advantageously sold.

(2) The office-holder may with the required permission divide the property in its existing form among the company's creditors according to its estimated value.

(3) The required permission is—

(a) the permission of the creditors' committee in an administration or, if there is no creditors' committee, the creditors; and

(b) the permission of the liquidation committee in a winding up, or, if there is no liquidation committee, the creditors (without prejudice to provisions of the Act about disclaimer).

Modifications etc. (not altering text)

C1 Rules 14.1-14.24 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 86-103, Sch. (with rule 2(2))