SMCL administrator’s proposals
This section has no associated Explanatory Memorandum
21.—(1) This Rule applies to the statement the SMCL administrator is required to make under paragraph 49 of Schedule B1 to the 1986 Act (“the statement of proposals”).
(2) The statement of proposals must include (in addition to those matters set out in paragraph 49 of Schedule B1 to the 1986 Act)—
(a)details of the court where the proceedings are and the relevant court reference number;
(b)the full name, registered address, registered number and any other trading names of the SMCL;
(c)details relating to the SMCL administrator’s appointment, including the date of appointment and whether the application was made by the Secretary of State or GEMA and, where there are joint SMCL administrators, details of the matters set out in section 158(5) of the 2004 Act;
(d)the names of the directors and secretary of the SMCL and details of any shareholdings in the SMCL they may have;
(e)an account of the circumstances giving rise to the appointment of the SMCL administrator;
(f)if a statement of affairs has been submitted—
(i)a copy or summary of it, except so far as an order under Rule 18 limits disclosure of it, and excluding any schedule referred to in Rule 15(5)(b), or the particulars relating to individual creditors contained in any such schedule,
(ii)details of who provided the statement of affairs, and
(iii)any comments which the SMCL administrator may have upon the statement of affairs;
(g)if an order under Rule 18 (limited disclosure) has been made—
(i)a statement of that fact, and
(ii)the date of the order;
(h)if no statement of affairs has been submitted—
(i)details of the financial position of the SMCL at the latest practicable date (which must, unless the court orders otherwise, be a date not earlier than that on which the SMCL entered SMCL administration), and
(ii)an explanation as to why there is no statement of affairs;
(i)a full list of the company’s creditors in accordance with paragraph (3) if either—
(i)no statement of affairs has been submitted, or
(ii)a statement of affairs has been submitted but it does not include such a list, or the SMCL administrator believes the list included is less than full;
(j)except where the SMCL administrator proposes a voluntary arrangement in relation to the SMCL and subject to paragraph (6)—
(i)to the best of the SMCL administrator’s knowledge and belief—
(aa)an estimate of the value of the prescribed part (whether or not the SMCL administrator proposes to make an application to court under section 176A(5) of the 1986 Act or section 176A(3) of the 1986 Act applies); and
(bb)an estimate of the value of the SMCL’s net property; and
(ii)a statement whether the SMCL administrator proposes to make an application to the court under section 176A(5) of the 1986 Act and if so the reason for the application;
(k)a statement of any pre-smart meter communication licensee administration costs charged or incurred by the SMCL administrator or, to the SMCL administrator’s knowledge, by any other person qualified to act as an insolvency practitioner;
(l)a statement of how it is envisaged the objective of the SMCL administration will be achieved and how it is proposed that the SMCL administration will end;
(m)the manner in which the affairs and business of the SMCL—
(i)have, since the date of the SMCL administrator’s appointment, been managed and financed, including where any assets have been disposed of, the reasons for such disposals and the terms upon which such disposals were made; and
(ii)will continue to be managed and financed; and
(n)such other information (if any) as the SMCL administrator thinks necessary.
(3) The list of creditors required by paragraph (2)(i) must contain the following particulars except where paragraphs (4) and (5) apply—
(a)the name and postal address of the creditor;
(b)the amount of the debt owed to the creditor;
(c)details of any security held by the creditor;
(d)the date on which any such security was given; and
(e)the value of any such security.
(4) This paragraph applies where the particulars required by paragraph (3) relate to creditors who are either—
(a)employees or former employees of the SMCL; or
(b)consumers claiming amounts paid in advance for the supply of goods or services.
(5) Where paragraph (4) applies—
(a)the list of creditors required by paragraph (2)(i) must state separately for each of paragraphs (4)(a) and (b) the number of such creditors and the total of the debts owed to them;
(b)the particulars required by paragraph (3) must be set out in separate schedules to the list of creditors for each of paragraphs (4)(a) and (b); and
(c)the SMCL administrator must not deliver any such schedule to the registrar of companies with the statement of proposals.
(6) The SMCL administrator may exclude from an estimate under paragraph (2)(j) information the disclosure of which could seriously prejudice the commercial interests of the company, and if such information is excluded from the calculation the estimate must be accompanied by a statement to that effect.
(7) This paragraph applies where it is proposed that the SMCL administration will end by the SMCL moving to a creditors’ voluntary liquidation; and in that case, the statement required by paragraph (2)(l) must include—
(a)details of the proposed liquidator;
(b)where applicable, the declaration required by section 231 of the 1986 Act(); and
(c)a statement that the creditors may nominate a different person as liquidator in accordance with paragraph 83(7)(a) of Schedule B1 to the 1986 Act() and Rule 93(4).