PART 15E+WDECISION MAKING

Modifications etc. (not altering text)

CHAPTER 2E+WDecision procedures

Modifications etc. (not altering text)

C5Pt. 15 Ch. 2 applied (with modifications) (31.1.2019) by The Education Administration Rules 2018 (S.I. 2018/1135), rules 1, 3.29 (with rule 1.2)

InterpretationE+W

15.2.—(1) In these Rules—

[F1“creditor”, in relation to a decision procedure under section A11 (extension by directors with creditor consent), means a creditor who is a pre-moratorium creditor within the meaning given by section A12;]

“decision date” means—

(a)

in the case of a decision to be made at a meeting, the date of the meeting;

(b)

in the case of a decision to be made either by a decision procedure other than a meeting or by the deemed consent procedure, the date the decision is to be made or deemed to have been made;

and a decision falling within paragraph (b) is to be treated as made at 23:59 on the decision date;

“decision procedure” means a qualifying decision procedure or a creditors' decision procedure as prescribed by rule 15.3;

“electronic voting” includes any electronic system which enables a person to vote without the need to attend at a particular location to do so;

“physical meeting” means a meeting as described in section 246ZE(9) or 379ZA(9) M1;

“virtual meeting” means a meeting where persons who are not invited to be physically present together may participate in the meeting including communicating directly with all the other participants in the meeting and voting (either directly or via a proxy-holder);

(2) The decision date is to be set at the discretion of the convener, but must be not less than 14 days from the date of delivery of the notice, except where the table in rule 15.11 requires a different period or the court directs otherwise.

(3) The rules in Chapters 2 to 11 about decision procedures of creditors apply with any necessary modifications to decision making by contributories.

(4) In particular, in place of the requirement for percentages or majorities in decision making by creditors to be determined by value, where the procedure seeks a decision from contributories value must be determined on the percentage of voting rights in accordance with rule 15.39.

Textual Amendments

Modifications etc. (not altering text)

Marginal Citations

M1Section 246ZE is inserted by section 122 of the Small Business, Enterprise and Employment Act 2015 (c.26) and section 378ZA is inserted by section 123 of the same Act.