SCHEDULES

SCHEDULE 5 U.K. Voluntary Trust Deeds for Creditors

Modifications etc. (not altering text)

C1 Sch. 5 modified (10.8.2005) by The Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353), reg. 33(7) (as amended by The Insurers (Reorganisation and Winding Up) (Lloyd's) Regulations 2005 (S.I. 2005/1998), reg. 40(11)

Valuation of claims S

4 Unless the trust deed otherwise provides, Schedule 1 to this Act shall apply in relation to a trust deed as it applies in relation to a sequestration but subject to the following modifications—

(a) in paragraphs 1, 2 and 5 for the word “sequestration” wherever it occurs there shall be substituted the words “granting of the trust deed”;

(b) in paragraph 3—

(i) in sub-paragraph (2), for the words from the beginning of paragraph (a) to “or sheriff” there shall be substituted the words “the trustee”; and

(ii) in sub-paragraph (3), for the reference to the permanent trustee there shall be substituted a reference to the trustee;

(c) paragraph 4 shall be omitted; and

(d) in paragraph 5(2) for the references to the permanent trustee there shall be substituted references to the trustee.