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Rule 2.107 Recourse to meeting of creditorsF1

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

  • rule 2.107(1)(2) words inserted by Insolvency 2010 Sch. 1 para. 91(2)(a)
  • rule 2.107(1)(2) words substituted by Insolvency 2010 Sch. 1 para. 91(2)(b)
  • rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)
(F21)

If the administrator’s remuneration has been fixed by the creditors' committee, and he considers the rate or amount to be insufficient, he may request that it be increased by resolution of the creditors.

(F32)

In a case where the administrator has made a statement under paragraph 52(1)(b), if the administrator’s remuneration has been fixed by the creditors' committee, and he considers the rate or amount to be insufficient, he may request that it be increased by the approval of—

(a)

each secured creditor of the company: or

(b)

if the administrator has made or intends to make a distribution to preferential creditors—

(i)

each secured creditor of the company; and

(ii)

preferential creditors whose debts amount to more than 50% of the preferential debts of the company, disregarding debts of any creditor who does not respond to an invitation to give or withhold approval.

Annotations

Textual amendments

F1

Pt. 2 substituted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 9 (with rule 5(2)-(4))

F2

Rule 2.107 renumbered as rule 2.107(1) (1.4.2005) by The Insolvency (Amendment) Rules 2005 (S.I. 2005/527), rules 1(2), 16 (with rule 3(1))

F3

Rule 2.107(2) inserted (1.4.2005) by The Insolvency (Amendment) Rules 2005 (S.I. 2005/527), rules 1(2), 16 (with rule 3(1))