69.—(1) Where it is resolved by a meeting of creditors and customers to establish a creditors’ committee for the purposes of the special administration, the creditors’ committee must consist of at least three and not more than five persons elected at the meeting.
(2) Where paragraph (1) applies, before receiving nominations for members of the creditors’ committee, the administrator will set out the maximum number of members to be elected onto the creditors’ committee by each class of voter so as to ensure that the make-up of the creditors’ committee is a reflection of all parties with an interest in the achievement of the special administration objectives.
(3) The classes of voters mentioned in paragraph (2) are—
(a)creditors, and
(b)customers.
(4) A person claiming to be a creditor is entitled to be a member of the committee provided that—
(a)that person’s claim has neither been wholly disallowed for voting purposes, nor wholly rejected for the purpose of distribution or dividend, and
(b)the claim mentioned in sub-paragraph (a) is not fully secured.
(5) A person claiming to be a customer is entitled to be a member of the creditors’ committee provided that that person’s relevant funds claim has neither been wholly disallowed for voting purposes, nor wholly rejected for the purpose of settling relevant funds claims.
(6) A body corporate may be a member of the creditors’ committee, but it cannot act as such otherwise than by a representative appointed under rule 74.
Commencement Information
I1Rule 69 in force at 12.11.2021, see rule 2