The Insolvency Rules 1986 No. 1925

Prospective

THE FIRST GROUP OF PARTS E+W

PART 4 E+W COMPANIES WINDING UP

CHAPTER 13 E+W THE LIQUIDATION COMMITTEE WHERE WINDING UP FOLLOWS IMMEDIATELY ON ADMINISTRATION (NO CVL APPLICATION)

Continuation of creditors' committee E+W

4.174.—(1) If under section 26 a creditors' committee has been established for the purposes of the administration, then (subject as follows in this Chapter) that committee continues in being as the liquidation committee for the purposes of the winding up, and—

(a) it is deemed to be a committee established as such under section 141, and

(b) no action shall be taken under subsection (1) to (3) of that section to establish any other.

(2) This Rule does not apply if, at the time when the court's order under section 140(1) is made, the committee under section 26 consists of less than 3 members; and a creditor who was, immediately before that date, a member of it, ceases to be a member on the making of the order if his debt is fully secured.

Commencement Information

I1 Rule 4.174 in force at 29.12.1986, see rule 0.1