PART 3Process of Special Administration

CHAPTER 8The creditors’ committee

Vacancies113

1

The following applies if there is a vacancy in the membership of the creditors’ committee.

2

The vacancy need not be filled if the administrator and a majority of the remaining members of the committee so agree, provided that—

a

the total number of members does not fall below 3; and

b

the administrator thinks that the make-up of the committee will continue to reflect all parties with an interest in the achievement of the special administration objectives.

3

The administrator may appoint a person (being qualified under these Rules to be a member of the committee) from the same class of voters as the previous member to fill the vacancy, if—

a

a majority of the other members of the committee agree to the appointment; and

b

the person concerned consents to act.