The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018

[F1 CHAPTER 13 S Claims by creditors

Textual Amendments

F1 Pt. 1A inserted (1.10.2021) by The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) (Amendment) Rules 2021 (S.I. 2021/1026), rules 1, 6 (with rules 4, 5)

[Note: a document required by the Act or these Rules must also contain the standard contents set out in Part 1.]

Application and interpretation of Chapter S

1A.26.   This Chapter applies to the quantification of creditors’ claims for the purposes of a qualifying decision procedure under Part A1 of the Act.

Submission of claims S

1A.27.— (1) A creditor must submit a claim by producing to the convenor—

(a) a statement of claim as described in paragraph (2); and

(b) documentary evidence of debt;

but the convenor may dispense with the requirement of sub-paragraph (b) in respect of any debt or class of debt.

(2) The statement of claim must—

(a) be made out by, or under the direction of, the creditor and dated and authenticated by the creditor or a person authorised on the creditor’s behalf;

(b) state the creditor’s name and address;

(c) if the creditor is a company, identify the company;

(d) state the name and address of any person authorised to act on behalf of the creditor;

(e) state the total amount as at the date of the administration order claimed in respect of all debts;

(f) state whether or not the claim includes any outstanding uncapitalised interest;

(g) contain particulars of how and when the debt was incurred by the company;

(h) contain particulars of any security held, the date on which it was given and the value which the creditor puts on it;

(i) include details of any retention of title in relation to goods to which the debt relates;

(j) include any details of any document by reference to which the debt can be substantiated; and

(k) state the name, postal address and authority of the person authenticating the statement of claim and documentary evidence of debt (if someone other than the creditor).

Amount which may be claimed generally S

1A.28.— (1) Subject to the provisions of this rule and rules 1A.29 and 1A.30 the amount in respect of which a creditor is entitled to claim is the accumulated sum of principal and any interest which is due on the debt as at the date of the decision procedure under Part A1 of the Act.

(2) In calculating the amount of a creditor’s claim, the creditor must deduct any discount (other than any discount for immediate or early settlement) which is allowable by contract or course of dealing between the creditor and the company or by the usage of trade.

(3) The rate of interest referred to in paragraph (2) is to be whichever is the greater of—

(a) the official rate at the date the company entered the moratorium; or

(b) the rate applicable to that debt apart from the moratorium.

Debts depending on contingency S

1A.29.   The convenor must estimate the value of a debt that does not have a certain value because it is subject to a contingency or for any other reason.

Secured debts S

1A.30.— (1) In calculating the amount of a secured creditor’s claim for the purposes of a decision procedure under section A12 of the Act, the value of the debt for voting purposes is its full value without deduction of the value of the security.

(2) In calculating the amount of a secured creditor’s claim for the purposes of a decision procedure under section A44(4)(c) of the Act, the secured creditor is to deduct the value of any security as estimated by the secured creditor.

Claims in foreign currency S

1A.31.— (1) A creditor may state the amount of his or her claim in a currency other than sterling where—

(a) the creditor’s claim is constituted by decree or other order made by a court ordering the company to pay to the creditor a sum expressed in a currency other than sterling; or

(b) where it is not so constituted, the creditor’s claim arises from a contract or bill of exchange in terms of which payment is may be required to be made by the company in a currency other than sterling.

(2) Where under paragraph (1) a claim is stated in a currency other than sterling the convenor must convert it into sterling at a single rate for each currency determined by the convenor by reference to the exchange rates prevailing in the London market at the close of business on the business day preceding the date of the decision procedure.]