Rule 2.48 Correspondence instead of creditors' meetingsF1

The administrator may seek to obtain the passing of a resolution by the creditors by sending a notice in Form [FORM 3.2]2.25B to every creditor who is entitled to be notified of a creditors' meeting under Rule 2.35(4).

In order to be counted, votes must be received by the administrator by 12.00 hours on the closing date specified on Form 2.25B and must be accompanied by the statement in writing on entitlement to vote required by Rule 2.38.

If any votes are received without the statement as to entitlement, or the administrator decides that the creditor is not entitled to vote according to Rules 2.38 and 2.39, then that creditor’s votes shall be disregarded.

The closing date shall be set at the discretion of the administrator. In any event it must not be set less than 14 days from the date of issue of the Form 2.25B.

For any business to be transacted the administrator must receive at least 1 valid Form 2.25B by the closing date specified by him.

If no valid Form 2.25B is received by the closing date specified then the administrator shall call a meeting of the creditors in accordance with Rule 2.35.

Any single creditor, or a group of creditors, of the company whose debt(s) amount to at least 10% of the total debts of the company may, within 5 business days from the date of the administrator sending out a resolution or proposals, require him to summon a meeting of creditors to consider the matters raised therein in accordance with Rule 2.37. Any meeting called under this Rule shall be conducted in accordance with Rule 2.35.

If the administrator’s proposals or revised proposals are rejected by the creditors pursuant to this Rule, the administrator may call a meeting of creditors.

A reference in these Rules to anything done, or required to be done, at, or in connection with, or in consequence of, a creditors' meeting includes a reference to anything done in the course of correspondence in accordance with this Rule.