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Filing, inspection and adjudication of proof of debt for purposes of meeting under section 94(7) of Act

Insolvency, Restructuring and Dissolution (Judicial Management) Regulations 2020

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—(1) For the purpose of adjudication of proofs of debt under section 94(4)(c) of the Act, the company must state in the notice convening a meeting of the creditors under section 94(7) of the Act (called in these Regulations the pre‑appointment meeting of creditors) —(a)the manner in which a creditor is to file a proof of debt in respect of any debt owed by the company to the creditor with the interim judicial manager; (b)the period within which the proof is to be filed; and(c)that the proof is solely for the purpose of entitling the creditor to vote at the pre‑appointment meeting of creditors.(2) If a creditor does not file the creditor’s proof of debt in respect of any debt owed by the company to the creditor in the manner and within the period stated in the notice, the creditor is not entitled to vote (whether in person or by proxy) in respect of that debt at the pre‑appointment meeting of creditors.(3) The interim judicial manager must examine every proof of debt filed by a creditor and the grounds of the debt, and must admit or reject the proof in whole or in part, or require further evidence in support of it, for the purpose of voting at the pre‑appointment meeting of creditors.(4) A creditor (A) who has filed a proof of debt may object to one or more of the following:(a)the rejection by the interim judicial manager of the whole or any part of A’s proof of debt;(b)the admission by the interim judicial manager of the whole or any part of a proof of debt filed by another creditor.(5) If a creditor disagrees with the interim judicial manager’s decision in relation to a matter mentioned in paragraph (4), the creditor may, within 7 days after the date of the pre‑appointment meeting of creditors, file a notice of disagreement regarding that decision with the interim judicial manager, stating the reason for the creditor’s disagreement.(6) In hearing any application under section 115(1)(c) of the Act, the Court may take into consideration any notice of disagreement filed by a creditor under paragraph (5).

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