Version Superseded: 26/05/2015
Point in time view as at 15/09/2003.
Insolvency Act 1986, Paragraph 52 is up to date with all changes known to be in force on or before 01 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F152(1)Paragraph 51(1) shall not apply where the statement of proposals states that the administrator thinks—E+W+S
(a)that the company has sufficient property to enable each creditor of the company to be paid in full,
(b)that the company has insufficient property to enable a distribution to be made to unsecured creditors other than by virtue of section 176A(2)(a), or
(c)that neither of the objectives specified in paragraph 3(1)(a) and (b) can be achieved.
(2)But the administrator shall summon an initial creditors’ meeting if it is requested—
(a)by creditors of the company whose debts amount to at least 10% of the total debts of the company,
(b)in the prescribed manner, and
(c)in the prescribed period.
(3)A meeting requested under sub-paragraph (2) must be summoned for a date in the prescribed period.
(4)The period prescribed under sub-paragraph (3) may be varied in accordance with paragraph 107.]
Textual Amendments
F1Sch. B1 inserted (15.9.2003) by 2002 c. 40, ss. 248(2), 279, Sch. 16 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))
Modifications etc. (not altering text)
C1Sch. B1 para. 50-58 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 145, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3 (as amended (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(5))
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