The Insolvency (Amendment) Rules 2010

Amendments to Rule 2.47

61.—(1) Rule 2.47 (reports to creditors) is amended as follows.

(2) In paragraph (1)—

(a) after sub-paragraph (d) insert—

“(da) details of the basis fixed for the remuneration of the administrator under Rule 2.106 (or if not fixed at the date of the report, the steps taken during the period of the report to fix it);

(db) if the basis of remuneration has been fixed, a statement of—

(i) the remuneration charged by the administrator during the period of the report (subject to paragraph (2A)), and

(ii) where the report is the first to be made after the basis has been fixed, the remuneration charged by the administrator during the periods covered by the previous reports (subject to paragraph (2A)), together with a description of the things done by the administrator during those periods in respect of which the remuneration was charged,

irrespective in either case of whether payment was made in respect of that remuneration during the period of the report;

(dc) a statement of the expenses incurred by the administrator during the period of the report, irrespective of whether payment was made in respect of them during that period;”;

(b) at the end of sub-paragraph (f) omit “and”;

(c) after sub-paragraph (f) insert—

“(fa)   a statement of the creditors’ right to request information under Rule 2.48A and their right to challenge the administrator’s remuneration and expenses under Rule 2.109; and”

(3) For paragraph (2) substitute—

“(2) A receipts and payments account must be in the form of an abstract showing receipts and payments during the period of the report and, where the administrator has ceased to act, must also include a statement as to the amount paid to unsecured creditors by virtue of the application of section 176A(1).

(2A) Where the basis for the remuneration is a set amount under Rule 2.106(2)(c), it may be shown as that amount without any apportionment to the period of the report.

(2B) Where the administrator has made a statement of pre-administration costs under Rule 2.33(2)(ka)—

(a) if they are approved under Rule 2.67A, the first progress report after the approval must include a statement setting out the date of the approval and the amounts approved;

(b) each successive report, so long as any of the costs remain unapproved, must include a statement either—

(i) of any steps taken to get approval, or

(ii) that the administrator has decided, or (as the case may be) another insolvency practitioner entitled to seek approval has told the administrator of that practitioner’s decision, not to seek approval.”.

(4) For paragraph (3) substitute—

“(3) The progress report must, except where paragraph (3A) or (3B) applies, cover the period of 6 months commencing on the date on which the company entered administration and every subsequent period of 6 months.

(3A) The period to be covered by a progress report ends on the date when an administrator ceases to act, and the period to be covered by each subsequent progress report is each successive period of 6 months beginning immediately after that date (subject to the further application of this paragraph when another administrator ceases to act).

(3B) The sending of a progress report to creditors under Rule 2.112 (application for extension of administration) also satisfies paragraph (3) or (3A) of this Rule in respect of the period covered by that report; and the period to be covered by each subsequent progress report under this Rule is each successive period of 6 months beginning with the end of the period covered by the report under Rule 2.112.”.

(5) For paragraph (4) substitute—

“(4) The administrator must, within 1 month of the end of the period covered by the report, send—

(a) a copy to the creditors attached to Form 2.24B, and

(b) a copy to the registrar of companies;

but this paragraph does not apply when the period covered by the report is that of a final progress report under Rule 2.110.”

(1)

Section 176A was inserted by 2002 c. 40, s. 252.