Rule 15.31 Calculation of voting rightsC1
Votes are calculated according to the amount of each creditor's claim—
in a decision procedure in respect of a moratorium under Part A1 of the Act, as at the decision date;
in an administration, as at the date on which the company entered administration, less—
any payments that have been made to the creditor after that date in respect of the claim, and
any adjustment by way of set-off which has been made in accordance with rule 14.24 or would have been made if that rule were applied on the date on which the votes are counted;
in an administrative receivership, as at the date of the appointment of the receiver, less any payments that have been made to the creditor after that date in respect of the claim;
in a creditors' voluntary winding up, a winding up by the court or a bankruptcy, as set out in the creditor's proof to the extent that it has been admitted;
in a proposed CVA—
at the date the company went into liquidation where the company is being wound up,
at the date the company entered into administration (less any payments made to the creditor after that date in respect of the claim) where it is in administration,
where (i) and (ii) do not apply, at the decision date;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
in a proposed IVA—
where the debtor is not an undischarged bankrupt—
at the date of the interim order, where there is an interim order in force,
otherwise, at the decision date,
where the debtor is an undischarged bankrupt, at the date of the bankruptcy order.
A creditor may vote in respect of a debt of an unliquidated or unascertained amount if the convener or chair decides to put upon it an estimated minimum value for the purpose of entitlement to vote and admits the claim for that purpose.
But in relation to F4a decision procedure in respect of a moratorium under Part A1 of the Act, a proposed CVA or IVA, a debt of an unliquidated or unascertained amount is to be valued at £1 for the purposes of voting unless the convener or chair or an appointed person decides to put a higher value on it.
Where a debt is wholly secured its value for voting purposes is nil.
Where a debt is partly secured its value for voting purposes is the value of the unsecured part.
However, the value of the debt for voting purposes is its full value without deduction of the value of the security in the following cases—
where, in respect of a moratorium under Part A1 of the Act, there is a decision of pre-moratorium creditors on whether to extend or further extend that moratorium under section A11; and
where the administrator has made a statement under paragraph 52(1)(b) of Schedule B1 and the administrator has been requested to seek a decision under paragraph 52(2).
No vote may be cast in respect of a claim more than once on any resolution put to the meeting F6....
A vote cast in a decision procedure which is not a meeting may not be changed.
Paragraph (7) does not prevent a creditor F7... from—
voting in respect of less than the full value of an entitlement to vote; or
casting a vote one way in respect of part of the value of an entitlement and another way in respect of some or all of the balance of that value.
Annotations
Textual amendments
- F1
Rule 15.31(1)(za) inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 75(2) (with rules 4, 5)
- F2
Rule 15.31(1)(d)(iii) substituted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 75(3)(a) (with rules 4, 5)
- F3
Rule 15.31(1)(d)(iv) omitted (1.10.2021) by virtue of The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 75(3)(b) (with rules 4, 5)
- F4
Words in rule 15.31(3) inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 75(4) (with rules 4, 5)
- F5
Rule 15.31(6) substituted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 75(5) (with rules 4, 5)
- F6
Words in rule 15.31(7) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 103(a) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
- F7
Words in rule 15.31(9) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 103(b) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
Modifications
- C1
Rules 15.31-15.38 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 130-133, Sch. (with rule 2(2))
Notes on Part 15
Modifications
- C1
Pt. 15 applied in part (with modifications) (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 4 paras. 23(1)(a), 24-28 (with ss. 2(2), 5(2), Sch. 4 para. 12)
- C2
Pt. 15 applied (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 4 para. 41(a) (with ss. 2(2), 5(2), Sch. 4 para. 12)
- C3
Pt. 15 applied in part (with modifications) (30.9.2021) by S.I. 2014/229, art. 2(2A), Sch. 1A paras. 1(4)(5), 11(1)(a), 12-16, 29(a), 38 (as inserted by The Co-operative and Community Benefit Societies (Administration) (Amendment) Order 2021 (S.I. 2021/1048), arts. 1(1), 2)
Notes on Chapter 8
Modifications
- C1
Pt. 15 Ch. 8 applied (with modifications) (5.7.2018) by The Housing Administration (England and Wales) Rules 2018 (S.I. 2018/719), rules 1.1, 3.29 (with rule 1.2)
- C2
Pt. 15 Ch. 8 applied (with modifications) (31.1.2019) by The Education Administration Rules 2018 (S.I. 2018/1135), rules 1, 3.29 (with rule 1.2)
- C3
Pt. 15 Chs. 6-9 applied (with modifications) (18.7.2023) by The Relevant Licensee Nuclear Company Administration (England and Wales) Rules 2023 (S.I. 2023/712), rules 1(2)(a), 30 (with rule 2)
- C4
Pt. 15 Chs. 6-9 applied (with modifications) (19.11.2025) by The Carbon Dioxide Transport and Storage (Licensed Operators) Administration (England and Wales) Rules 2025 (S.I. 2025/1135), rules 1(2)(a), 30 (with rule 2(1))