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)
Process of administration22
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.