The Investment Bank Special Administration (England and Wales) Rules 2011

Vacancies

This section has no associated Explanatory Memorandum

113.—(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.