Rule 14.13 C1
This rule applies in an administration or in a winding up of a company (other than a members' voluntary winding up) to any property which from its peculiar nature or other special circumstances cannot be readily or advantageously sold.
The office-holder may with the required permission divide the property in its existing form among the company's creditors according to its estimated value.
The required permission is—
the permission of the creditors' committee in an administration or, if there is no creditors' committee, the creditors; and
the permission of the liquidation committee in a winding up, or, if there is no liquidation committee, the creditors (without prejudice to provisions of the Act about disclaimer).
Annotations
Modifications
- C1
Rules 14.1-14.24 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 86-103, Sch. (with rule 2(2))
Notes on Part 14
Textual amendments
Notes on Chapter 2
Textual amendments
- F1
Words in Pt. 14 Ch. 2 heading inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 54 (with rules 4, 5)