Paragraph 55 Amendment to Rule 7.3

After Rule 7.3 there is inserted—

“Application under section 176A(5) to disapply section 176A

7.3A

(1)

An application under section 176A(5) shall be accompanied by an affidavit prepared and sworn by the liquidator, administrator or receiver.

(2)

The affidavit shall state—

(a)

the type of insolvency proceedings in which the application arises;

(b)

a summary of the financial position of the company;

(c)

the information substantiating the applicant’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits; and

(d)

whether any other insolvency practitioner is acting in relation to the company and if so his address.”.