SCHEDULES

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

PART 1Company insolvency

Winding-up

I140

1

Section 166 (liquidator's powers and duties in creditors' voluntary winding up) is amended as follows.

2

In subsection (2), for the words from “during” to the end substitute

before—

a

the company's creditors under section 100 nominate a person to be liquidator, or

b

the procedure by which the company's creditors were to have made such a nomination concludes without a nomination having been made.

3

Omit subsection (4).

4

In subsection (5), for the words from the beginning to the end of paragraph (b) substitute

If the directors fail to comply with—

a

section 99(1), (2) or (2A), or

b

section 100(1B),