SCHEDULES
F1C2C3C4SCHEDULE B1 ADMINISTRATION
Sch. B1 applied in part (with modifications) (5.10.2004) by Energy Act 2004 (c. 20), ss. 159(1), 198, Sch. 20 Pts. 1-3; S.I. 2004/2575, art. 2(1), Sch. 1
Sch. B1 applied (with modifications) (1.7. 2005) by S.I. 1994/2421, art. 6(1), Sch. 2 (as amended (1.7.2005) by S.I. 2005/1516, arts. 3, 7, Sch. 1 (with art. 2))
Sch. B1: specified provisions applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 93(2)(3), {Sch. 10 Pts. 1, 2}; S.I. 2011/2329, art. 3 (with arts. 4, 5)
PROCESS OF ADMINISTRATION
C152
1
Paragraph 51(1) shall not apply where the statement of proposals states that the administrator thinks—
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.
Sch. 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))