Regulation 111

If a creditor or contributory of a VCC or sub‑fund is dissatisfied with the decision of the liquidator of the VCC or sub‑fund in rejecting a proof (in whole or in part), the Court may, on the application of the creditor or contributory, reverse or vary the decision of the liquidator.

The application under paragraph (1) must be made within 21 days after the day of the rejection of the proof under —

A copy of the application under paragraph (1) must be served personally on the liquidator.

Despite paragraph (3), the copy of the application may be served in such manner as is agreed in writing between the creditor or contributory and the liquidator.

The liquidator must, within 7 days after receipt of a copy of the application, file the proof with the Registrar, together with a memorandum stating the reasons for the liquidator’s decision.

After the application has been heard by the Court, the proof, unless wholly disallowed, is to be returned to the liquidator.

The liquidator is not personally liable for any costs incurred in relation to an application to the Court against the liquidator’s decision rejecting a proof wholly or in part under this rule.