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Rule 1.21 Proceedings to obtain agreement on the proposalF1

England and Wales

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

  • rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)
(1)

If the chairman thinks fit, the creditors' meeting and the company meeting may be held together

(2)

The chairman may, and shall if it is so resolved at the meeting in question, adjourn that meeting for not more than 14 days.

(3)

If there are subsequently further adjournments, the final adjournment shall not be to a day later than 14 days after the date on which the meeting in question was originally held.

(4)

In the case of a proposal by the directors, if the meetings are adjourned under paragraph (2), notice of the fact shall be given by the nominee forthwith to the court.

(5)

If following the final adjournment of the creditors' meeting the proposal (with or without modifications) has not been approved by the creditors, it is deemed rejected.

Annotations

Textual amendments

F1

Rule 1.21(1)-(5) substituted for rule 1.21(1)-(6) (1.1.2003) by The Insolvency (Amendment) (No. 2) Rules 2002 (S.I. 2002/2712), rule 1(1), Sch. para. 12 (with rule 3(2))