SCHEDULES

SCHEDULE 9Abolition of requirements to hold meetings; opted-out creditors

PART 1Company insolvency

Winding-up

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1

Section 101 (appointment of liquidation committee) is amended as follows.

2

For subsection (1) substitute—

1

The creditors may in accordance with the rules appoint a committee (“the liquidation committee”) of not more than 5 persons to exercise the functions conferred on it by or under this Act.

3

In subsection (3)—

a

for “resolve” (in both places) substitute “ decide ”;

b

for “the persons mentioned in the resolution” (in both places) substitute “ those persons ”.