The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022

Calculation of voting rights (creditors)

51.—(1) Votes are calculated according to the amount of each creditor’s claim as at the date on which the institution entered special administration, less any payments that have been made to the creditor after that date in respect of the claim and any adjustment by way of set-off which has been made in accordance with that principle or would have been made if that principle were applied on the date on which the votes are counted.

(2) A creditor may vote in respect of a debt which is for an unliquidated amount or the value of which is not ascertained if the chair decides to put upon it an estimated minimum value for the purpose of entitlement to vote and admits the claim for that purpose.

(3) Paragraph (2) does not apply to a shortfall claim.

(4) Where a debt is wholly secured its value for voting purposes is nil.

(5) Where a debt is partly secured its value for voting purposes is the value of the unsecured part.

(6) No vote may be cast in respect of a claim more than once on any resolution put to the meeting.

(7) Paragraph (6) does not prevent a creditor from—

(a) voting in respect of less than the full value of an entitlement to vote,

(b) casting a vote one way in respect of part of the value of an entitlement and another way in respect of some or all of the balance of that value.