F1SCHEDULE B1ADMINISTRATION
PROCESS OF ADMINISTRATION
Revision of administrator's proposals
55.
(1)
This paragraph applies where—
(a)
an administrator's proposals have been approved (with or without modification) at an initial creditors' meeting,
(b)
the administrator proposes a revision to the proposals, and
(c)
the administrator thinks that the proposed revision is substantial.
(2)
The administrator shall—
(a)
summon a creditors' meeting,
(b)
send a statement in the prescribed form of the proposed revision with the notice of the meeting sent to each creditor,
(c)
send a copy of the statement, within the prescribed period, to each member of the company of whose address he is aware, and
(d)
present a copy of the statement to the meeting.
(3)
The administrator shall be taken to have complied with sub-paragraph (2)(c) if he publishes a notice undertaking to provide a copy of the statement free of charge to any member of the company who applies in writing to a specified address.
(4)
A notice under sub-paragraph (3) must be published—
(a)
in the prescribed manner, and
(b)
within the prescribed period.
(5)
A creditors' meeting to which a proposed revision is presented shall consider it and may—
(a)
approve it without modification, or
(b)
approve it with modification to which the administrator consents.
(6)
After the conclusion of a creditors' meeting the administrator shall as soon as is reasonably practicable report any decision taken to—
(a)
the High Court,
(b)
the registrar, and
(c)
such other persons as may be prescribed.
(7)
An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (6).