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Creditors entitled to vote

Variable Capital Companies (Winding Up and Receivership) Rules 2026

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—(1) In the case of a meeting of the creditors held under section 134(b) of the IRDA or an adjournment of that meeting, a person is not entitled to vote as a creditor unless the person has duly filed with the Official Receiver not later than the period mentioned for that purpose in the notice summoning the meeting or adjourned meeting, a proof of the debt that the person claims to be due to the person from the VCC or sub‑fund.(2) In the case of a Court-directed meeting or a meeting of creditors summoned by the liquidator or an adjournment of such meeting, a person is not entitled to vote as a creditor unless —(a)the person has duly filed with the liquidator a proof of the debt that the person claims to be due to the person from the VCC or sub‑fund; and(b)the proof has been admitted wholly or in part before the date on which the meeting is held.(3) The value of the proof of debt of a creditor is to be calculated according to the amount of the creditor’s debt on the date of the winding up order.(4) Paragraph (1) does not affect the power of a chairperson under rule 80 to admit or reject, in whole or in part, a proof of debt for the purpose of voting.

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