SCHEDULE 1Modified application of Parts 1 and 2 of the Insolvency Act 1986 to relevant societies

PART 3Modified application of Part 2 of the Insolvency Act 1986 to relevant societies (further modifications)

22.

Paragraph 54 (revision of administrator's proposals) has effect as if—

(a)

in sub-paragraph (1) the reference to an initial creditors' meeting, and in sub-paragraphs (2) and (5) the reference to a creditors' meeting, included a reference to a members' meeting;

(b)

after sub-paragraph (1) there were inserted—

“(1A)

Where a revision is proposed in the case of a relevant society, sub-paragraphs (3A) to (3C) of paragraph 49 apply in relation to the revision.”;

(c)

sub-paragraph (2) required the administrator—

(i)

to summon a members' meeting (as well as a creditors' meeting); and

(ii)

to send a statement of the proposed revision in the prescribed form (as well as to each creditor) to every member of the society;

(d)

sub-paragraphs (2)(c) and (3) were omitted; and

(e)

sub-paragraph (6) required the administrator to report any decision taken at a creditors' meeting and any decision taken at a members' meeting as soon as is reasonably practicable after the conclusion of both meetings.