SCHEDULES

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

PART 1Company insolvency

Receivers and managers

I112

1

Section 48 (report by administrative receiver - England and Wales) is amended as follows.

2

In subsection (1), after “such creditors” insert “ , other than opted-out creditors, ”.

3

In subsection (2)—

a

in paragraph (a), after “company” insert “ , other than opted-out creditors, ”;

b

omit the words after paragraph (b).

4

Omit subsection (3).

I213

In section 49(1) (committee of creditors - England and Wales), for the words from the beginning to “fit” substitute “ Where an administrative receiver has sent or published a report as mentioned in section 48(2) the company's unsecured creditors may, in accordance with the rules ”.

I314

1

Section 67 (report by receiver - Scotland) is amended as follows.

2

In subsection (1), after “such creditors” insert “ , other than opted-out creditors, ”.

3

In subsection (2)—

a

in paragraph (a), after “company” insert “ , other than opted-out creditors ”;

b

omit the words after paragraph (b).

4

Omit subsection (3).

I415

In section 68(1) (committee of creditors - Scotland), for the words from the beginning to “fit” substitute “ Where a receiver has sent or published a report as mentioned in section 67(2) the company's unsecured creditors may, in accordance with the rules ”.