PART 3 Process of Special Administration

CHAPTER 3 Initial meeting to consider proposals

30 Business of the initial meeting
1 At the initial meeting of creditors and customers—
(a) a creditors’ committee may be established in accordance with Chapter 8 of this Part, and
(b) the statement of proposals must be approved as follows.
2 Creditors and customers must vote as separate classes on whether to approve the proposals.
3 The proposals must not be approved unless both classes of voter have voted to approve them.
4 If the proposals are approved by a class of voter subject to a modification, the proposals will not be considered approved by the other class unless that other class has approved the proposals as modified.
5 Where the administrator is unable to get the requisite majority of a class of voter for approval of the statement of proposals (with or without any modifications), rule 31 applies.
6 This rule does not apply where the FCA has given a direction under regulation 38 and the direction has not been withdrawn.
Rule 30 in force at 12.11.2021, see rule 2