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Proceedings of creditors’ meeting

Insolvency, Restructuring and Dissolution (Voluntary Arrangements) Regulations 2020

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—(1) A resolution proposed at a creditors’ meeting (other than one to approve a proposed voluntary arrangement or any modification to a proposed voluntary arrangement) may be approved by ordinary resolution.(2) In the following cases, the chairperson of a creditors’ meeting must leave out of account a creditor’s vote (or any part of the vote) in a creditors’ meeting in respect of any claim (or any part of the claim):(a)where written notice of the claim was not given to the chairperson of the creditors’ meeting before or at the creditors’ meeting;(b)where the claim (or any part of the claim) is secured;(c)where the claim (or any part of the claim) is in respect of a debt wholly or partly on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing to —(i)treat the liability of every person (being a person against whom a bankruptcy order has not been made or which has not gone into liquidation) who is liable on the bill or note antecedently to the debtor as security in the creditor’s hands; and(ii)estimate the value of the security and deduct it from the creditor’s vote for the purpose of entitlement to vote at the creditors’ meeting (but not of any distribution under the arrangement). (3) Any decision of the chairperson of a creditors’ meeting under paragraph (2) is subject to appeal to the Court by any creditor or the debtor in question.(4) If the chairperson of a creditors’ meeting is in doubt whether a creditor’s claim (or any part of the claim) should be left out of account, the chairperson must mark a creditor’s claim (or any part of the claim) as objected to and allow the vote to be taken into account, subject to the vote (or any part of the vote) being subsequently taken out of account if the objection to the claim is sustained.(5) If the chairperson of a creditors’ meeting uses a proxy contrary to regulation 12(2), the chairperson’s vote with that proxy is to be left out of account.

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