The Insolvency (Amendment) Rules 2010

New Rule after Rule 4.126

216.  After Rule 4.126 insert—

“Final meeting in members’ voluntary liquidation

4.126A   (NO CVL APPLICATION)

(1) In addition to the information required by section 94(2) and the standard contents, the advertisement required by that subsection must state the time and date by which, and place at which, members must lodge proxies in order to be entitled to vote.

(2) In addition to the advertisement required by section 94(2), the liquidator may advertise notice of the meeting in such other manner as the liquidator thinks fit.

(3) In addition to the standard contents, notice given under paragraph (2) must state—

(a) the purpose of the meeting,

(b) the venue fixed for the meeting, and

(c) the time and date by which, and place at which, members must lodge proxies in order to be entitled to vote at the meeting.

(4) The liquidator’s report laid before the meeting of the company under section 94 must contain an account of the liquidator’s administration of the winding up, including (except where the amount for an item is zero)—

(a) a summary of the liquidator’s receipts and payments, including at least the following items separately specified—

(i) the total of all receipts, with separate specification thereunder of—

(aa) receipts from trading carried on by the liquidator;

(bb) payments made in the course of trading carried on by the liquidator;

(cc) the source of all other receipts;

(dd) payments to redeem securities;

(ee) costs of execution; and

(ff) net realisations;

(ii) the cost of employing a solicitor;

(iii) other legal costs;

(iv) the liquidator’s remuneration;

(v) the cost of employing an auctioneer;

(vi) the cost of employing a valuer;

(vii) the costs of taking possession of and maintaining the company’s property;

(viii) the cost of advertising in the Gazette and other newspapers;

(ix) incidental outlays;

(x) a statement of the total of costs and charges incurred;

(xi) the amount paid to holders of debentures of each class of debenture, setting out the amount paid per debenture, the nominal value of each debenture in each class and the total amount paid in respect of each class;

(xii) the aggregate amount paid out to creditors;

(xiii) the amount of interest paid under section 189;

(xiv) the amount paid to contributories in respect of each class of share, setting out the amount per share and the nominal value of each share in each class;

(xv) a statement of the total amount paid to holders of debentures, preferential and unsecured creditors and contributories;

(xvi) a statement of assets which have proved to be unrealisable, including the value of those assets which had been made for the purpose of Rule 4.49(2)(a)(ii);

(xvii) the amounts paid into the Insolvency Services Account, set out separately, in respect of—

(aa) unclaimed dividends payable to creditors in the winding up;

(bb) other unclaimed dividends in the winding up;

(cc) moneys held by the company in trust in respect of dividends or other sums due before the commencement of the winding up to any person as a member of the company;

(b) details of the basis fixed for the liquidator’s remuneration and by whom it was fixed;

(c) any other statement which the liquidator thinks it desirable to make.”.