PART 3Miscellaneous amendments of the Insolvency Rules

Amendment of Part 7 of the Insolvency Rules44

In rule 7.114 (request for approval or authorisation), for paragraph (4)(c) substitute—

c

notice to—

i

each preferential creditor, and

ii

each creditor of the kind described in rule 7.111(za),

that approval or authorisation of the specified amount will be taken to be given where a majority in value of those creditors referred to in sub-paragraphs (i) and (ii) who respond within the specified time limit are in favour of it; or