Paragraph 68

Rule 5.31 of the Scottish Insolvency Rules (requisite majorities) has effect as if, before paragraph (1), there were inserted—

“(A1)

Subject to paragraph (B1), a decision to consent to a revised end date for a moratorium under section A12 of the Act is made if, of those voting—

(a)

a majority (in value) of the pre-moratorium creditors who are secured creditors vote in favour of the proposed decision, and

(b)

a majority (in value) of the pre-moratorium creditors who are unsecured creditors vote in favour of the proposed decision.

(B1)

But a decision to consent to a revised end date for a moratorium under section A12 of the Act is not made if, of those voting either—

(a)

a majority of the pre-moratorium creditors who are unconnected secured creditors vote against the proposed end date, or

(b)

a majority of the pre-moratorium creditors who are unconnected unsecured creditors vote against the proposed end date.

(C1)

For the purposes of paragraph (B1)—

(a)

a creditor is unconnected unless the convener or chair decides that the creditor is connected, and

(b)

the total value of the unconnected creditors is the total value of those unconnected creditors whose claims have been admitted for voting.”