The Insolvency (Amendment) Rules 1987

Amendment of Rule 4.1

34.—(1) For paragraph (1) of Rule 4.1 there shall be substituted the following:—

“(1) In a members' voluntary winding up, the Rules in this Part do not apply, except as follows—

(a) Rule 4.3 applies in the same way as it applies in a creditors' voluntary winding up;

(b) Rule 4.72 (additional provisions concerning meetings in relation to Bank of England and Deposit Protection Board) applies in the winding up of authorised institutions or former authorised institutions within the meaning of the Banking Act 1987, whether members' or creditors' voluntary or by the court;

(c) Chapters 9 (proof of debts in a liquidation), 10 (secured creditors), 15 (disclaimer) and 18 (special manager) apply wherever, and in the same way as, they apply in a creditors' voluntary winding up;

(d) Section F of Chapter 11 (the liquidator) applies only in a members' voluntary winding up, and not otherwise;

(e) Section G of that Chapter (court’s power to set aside certain transactions; rule against solicitation) applies in any winding up, whether members' or creditors' voluntary or by the court;

(f) Rule 4.182A applies only in a members' voluntary winding up, and not otherwise; and

(g) Rule 4.223-CVL (liquidator’s statements) applies in the same way as it applies in a creditors' voluntary winding up.”.

(2) After the words “creditors' voluntary” in line 3 of paragraph (2) of Rule 4.1 there shall be inserted the words “winding up”.

(3) In paragraph (3) of Rule 4.1—

(a) after the line beginning “Chapter 19” there shall be inserted in a separate line the words “Chapter 11 (Section F)—The liquidator in a members' voluntary winding up;”; and

(b) there shall be added at the end in a separate line the words “Chapter 21 (Section C)—Dissolution after winding up”.