Insolvency Act 1986

Valid from 06/04/2008

[F1434BRepresentation of corporations at meetingsU.K.

(1)If a corporation is a creditor or debenture-holder, it may by resolution of its directors or other governing body authorise a person or persons to act as its representative or representatives—

(a)at any meeting of the creditors of a company held in pursuance of this Act or of rules made under it, or

(b)at any meeting of a company held in pursuance of the provisions contained in a debenture or trust deed.

(2)Where the corporation authorises only one person, that person is entitled to exercise the same powers on behalf of the corporation as the corporation could exercise if it were an individual creditor or debenture-holder.

(3)Where the corporation authorises more than one person, any one of them is entitled to exercise the same powers on behalf of the corporation as the corporation could exercise if it were an individual creditor or debenture-holder.

(4)Where the corporation authorises more than one person and more than one of them purport to exercise a power under subsection (3)—

(a)if they purport to exercise the power in the same way, the power is treated as exercised in that way;

(b)if they do not purport to exercise the power in the same way, the power is treated as not exercised.]

Textual Amendments