Rule 1.38 Creditor's election to opt outC1

F1(A1)

This rule does not apply in relation to a moratorium under Part A1 of the Act.

(1)

A creditor may at any time elect to be an opted-out creditor.

(2)

The creditor's election to opt out must be by a notice in writing authenticated and dated by the creditor.

(3)

The creditor must deliver the notice to the office-holder.

(4)

A creditor becomes an opted-out creditor when the notice is delivered to the office-holder.

(5)

An opted-out creditor—

(a)

will remain an opted-out creditor for the duration of the proceedings unless the opt out is revoked; and

(b)

is deemed to be an opted-out creditor in respect of any consecutive insolvency proceedings under Parts 1 to 11 of the Act of a different kind relating to the same company or individual.

(6)

The creditor may at any time revoke the election to opt out by a further notice in writing, authenticated and dated by the creditor and delivered to the office-holder.

(7)

The creditor ceases to be an opted-out creditor from the date the notice is received by the office-holder.

Annotations

Textual amendments

F1: Rule 1.38(A1) inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 10 (with rules 4, 5)

Modifications

C1: Rules 1.18-1.58 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 12-33, Sch. (with rule 2(2))

Notes on Chapter 9

Marginal citations

M1: Section 246C was inserted by section 124(3) of the Small Business, Enterprise and Employment Act 2015 (c.26) and section 248A was inserted by section 124(4) of the same Act.
M2: Section 379C was inserted by section 125(3) of the Small Business, Enterprise and Employment Act 2015 and section 383(A) was inserted by section 125(4) of the same Act.