Paragraph 47 Modifications to the items relating to Schedule A1 of the Insolvency Act 1986

For the item relating to sub-paragraph (2) of paragraph 32 substitute—

“

Provisions

Paragraph 32
Modifications

sub-paragraph (1) Omit.
sub-paragraph (3) Omit “the meeting of the company or (as the case may be) inform”.
sub-paragraph (4)
For sub-paragraph (4) substitute—

“(4)

Where, in accordance with sub-paragraph (3)(b) the nominee informs the creditors of the limited liability partnership, of the expected cost of his intended actions, the creditors by a qualifying decision procedure shall decide whether or not to approve that expected cost.”.

sub-paragraph (6) For “A meeting of the company may resolve, and the creditors by a qualifying decision procedure may decide,” substitute “The creditors by a qualifying decision procedure may decide”.

”

Provisions Paragraph 32	Modifications
sub-paragraph (1)	Omit.
sub-paragraph (3)	Omit “the meeting of the company or (as the case may be) inform”.
sub-paragraph (4)	For sub-paragraph (4) substitute— “(4) Where, in accordance with sub-paragraph (3)(b) the nominee informs the creditors of the limited liability partnership, of the expected cost of his intended actions, the creditors by a qualifying decision procedure shall decide whether or not to approve that expected cost.”.
sub-paragraph (6)	For “A meeting of the company may resolve, and the creditors by a qualifying decision procedure may decide,” substitute “The creditors by a qualifying decision procedure may decide”.