Business of the initial meetingE+W
30.—(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(6) This rule does not apply where the FCA has given a direction under regulation 38 and the direction has not been withdrawn.
Commencement Information
I1Rule 30 in force at 12.11.2021, see rule 2