Paragraph 5 I1

For modified Article 16 substitute—

“Summoning of meetings

16.

(1)

Where the nominee under Article 14 is not the liquidator, administrator or trustee of the insolvent partnership, and it has been reported to the High Court under Article 15(2) that the proposal should be considered by a meeting of the members of the partnership and by the partnership’s creditors, the person making the report must (unless the Court otherwise directs)—

(a)

summon a meeting of the members of the partnership, for the time, date and place proposed in the report, for the purpose of considering the proposal, and

(b)

seek a decision from the partnership’s creditors as to whether they approve the proposal.

(2)

Where the nominee is the liquidator, administrator or trustee of the insolvent partnership, the nominee must—

(a)

summon a meeting of the members of the partnership, for such time, date and place as the nominee thinks fit, for the purpose of considering the proposal, and

(b)

seek a decision from the partnership’s creditors as to whether they approve the proposal.

(3)

A decision of the partnership’s creditors as to whether they approve the proposal is to be made by a qualifying decision procedure.

(4)

Notice of the qualifying decision procedure must be given to every creditor of the partnership of whose claim and address the person summoning the meeting is aware.”.