# The Insolvency Rules 1986, Rule 1.53: Requisite majorities (members) and proceedings to obtain agreement on the proposal


(1) Rule 1.20 shall apply.
(2) If the chairman thinks fit, the creditors' meeting and the company meeting may be held together.
(3) The chairman may, and shall if it is so resolved at the meeting in question, adjourn that meeting, but any adjournment shall not be to a day which is more than 14 days after the date on which the moratorium (including any extension) ends.
(4) If the meetings are adjourned under paragraph (3), 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.

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Source: https://www.legislation.gov.uk/uksi/1986/1925/rule/1.53 (the official version)
Page: https://openlegislation.uk/insolvency-rules-1986/rule-1.53
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.