Insolvency, Restructuring and Dissolution (Electronic Meeting and Resolution by Correspondence) Regulations 2020

This regulation applies where a convener proposing to call a meeting mentioned in section 445(1) of the Act —

The convener must summon, call or convene the proposed virtual meeting by delivering, at least 7 days earlier than the notice period applicable to that meeting —

Where a proposed virtual meeting has been summoned, called or convened, a creditor, contributory or member (as the case may be) may request the convener in writing no later than 5 days after the date of the notice mentioned in regulation 3(2)(b), to specify a place for the meeting.

It is the convener’s responsibility to check whether any request for a place for the meeting to be specified is submitted before the deadline and if so whether in aggregate it meets or surpasses one of the thresholds under section 445(8)(c) of the Act requiring the convener to specify a place for the meeting.

Where the prescribed threshold of creditors or contributories or members under section 445(8)(c)(i) or (ii) of the Act is met, the convener must —

Where the convener has specified a place for the meeting under this regulation, the chairperson of the meeting must attend the meeting physically at that place.

In the case of a proposed virtual meeting, or a meeting held at a specified place but with one or more creditors, contributories or members attending remotely, the chairperson of the meeting must, immediately after becoming aware of the failure of the electronic means that is or is to be used to enable the remote attendance of one or more creditors, contributories or members, ascertain —

The chairperson of the meeting mentioned in paragraph (1) must ensure that the meeting is held in a manner that meets the legitimate interests of the members or contributories of the company, creditors and others attending the meeting, including the legitimate interests of any creditor, contributory or member who is unable to attend that meeting in accordance with section 445(3) of the Act.

The chairperson must adjourn the meeting mentioned in paragraph (1) if, having ascertained under paragraph (1)(b) that the inability of one or more creditors, contributories or members to remotely attend the meeting may have a material impact on the result of voting on a resolution at the meeting, the chairperson considers that the legitimate interests of the creditors, contributories or members (as the case may be) cannot be met due to the failure of the electronic means.

Any creditor, contributory or member who is aggrieved by his or her inability to remotely attend the meeting mentioned in paragraph (1) as a result of the failure of the electronic means, may apply to the Court for a declaration that the voting on any resolution conducted at the meeting is void, and for an order that another meeting be held to consider the resolution concerned.

The Court hearing an application mentioned in paragraph (4) may —

This regulation applies where a relevant officeholder seeks to obtain the passing of a resolution by creditors of a company or an individual, or by contributories of a company, under section 446 of the Act without holding a meeting.

The relevant officeholder must give the same length of notice of the resolution as each creditor or contributory would be entitled to receive if notified of a meeting at which the resolution could be passed.

The notice of the proposed resolution mentioned in section 446(1) of the Act must contain the following:

Creditors whose debts amount to at least 10% of the total debts of an individual may, within 7 days after the giving of notice provided for in section 446(1) of the Act, require the relevant officeholder to summon a meeting of creditors to consider the resolution.

The details in the notice must be set out in such a way that the recipient may indicate agreement to or dissent from the proposed resolution, and where there is more than one resolution may indicate agreement to or dissent from each resolution separately.

Where the relevant officeholder arranges for voting in a permitted alternative form, in accordance with section 446(10) of the Act —

Where the relevant officeholder is required by creditors or contributories under paragraph (4) or section 446(7) or (8) of the Act to summon a meeting of creditors or contributories, the relevant officeholder must summon the meeting in accordance with the applicable provisions of the Act or regulations.