Rule 16.7 Proxy-holder with financial interestC1

(1)

A proxy-holder must not vote for a resolution which would—

(a)

directly or indirectly place the proxy-holder or any associate of the proxy-holder in a position to receive any remuneration, fees or expenses from the insolvent estate; or

(b)

fix or change the amount of or the basis of any remuneration, fees or expenses receivable by the proxy-holder or any associate of the proxy-holder out of the insolvent estate.

(2)

However a proxy-holder may vote for such a resolution if the proxy specifically directs the proxy-holder to vote in that way.

(3)

Where an office-holder is appointed as proxy-holder and that proxy is used under rule 16.5(2) by another person acting as chair, the office-holder is deemed to be an associate of the person acting as chair.

Annotations

Modifications

C1: Rules 16.1-16.7 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 138, 139, Sch. (with rule 2(2))

Notes on Part 16

Modifications

C1: Pt. 16 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. 16 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. 16 applied in part (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 4 para. 23(1)(b) (with ss. 2(2), 5(2), Sch. 4 para. 12)
C4: Pt. 16 applied (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 4 para. 41(b) (with ss. 2(2), 5(2), Sch. 4 para. 12)
C5: Pt. 16 applied in part (with modifications) (30.9.2021) by S.I. 2014/229, art. 2(2A), Sch. 1A paras. 1(4)(5), 11(1)(b), 29(b), 38 (as inserted by The Co-operative and Community Benefit Societies (Administration) (Amendment) Order 2021 (S.I. 2021/1048), arts. 1(1), 2)
C6: Pt. 16 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, 33 (with rule 2)
C7: Pt. 16 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, 33 (with rule 2(1))