OpenLegislation

Rule 4.1 Voluntary winding up; winding up by the courtI1

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)
F1(1)

In a members' voluntary winding up, the Rules in this Part do not apply, except as follows—

(a)

Rule 4.3 applies in the same way as it applies in a creditors' voluntary winding up;

(b)

Rule 4.72 (additional provisions concerning meetings in relation to F2the Financial Services Authority and F3the scheme manager) applies in the winding up of F4authorised deposit-takers or former authorised deposit-takers, whether members' or creditors' voluntary or by the court;

(c)

Chapters 9 (proof of debts in a liquidation), 10 (secured creditors), 15 (disclaimer) and 18 (special manager) apply wherever, and in the same way as, they apply in a creditors' voluntary winding up;

(d)

Section F of Chapter 11 (the liquidator) applies only in a members' voluntary winding up, and not otherwise;

(e)

Section G of that Chapter (court’s power to set aside certain transactions; rule against solicitation) applies in any winding up, whether members' or creditors' voluntary or by the court;

(f)

Rule 4.182A applies only in a members' voluntary winding up, and not otherwise; and

(g)

Rule 4.223-CVL (liquidator’s statements) applies in the same way as it applies in a creditors' voluntary winding up.

(2)

Subject as follows, the Rules in this Part apply both in a creditors' voluntary winding up and in a winding up by the court; and for this purpose a winding up is treated as a creditors' voluntary F5winding up if, and from the time when, the liquidator forms the opinion that the company will be unable to pay its debts in full, and determines accordingly to summon a creditors' meeting under section 95.

(3)

The following Chapters, or Sections of Chapters, of this Part do not apply in a creditors' voluntary winding up—

  • Chapter 2—The statutory demand;

  • Chapter 3—Petition to winding-up order;

  • Chapter 4—Petition by contributories;

  • Chapter 5—Provisional liquidator;

  • Chapter 13—The liquidation committee where winding up follows immediately on administration;

  • Chapter 16—Settlement of list of contributories;

  • Chapter 17—Calls;

  • Chapter 19—Public examination of company officers and others;

  • F6Chapter 11 (Section F)—The liquidator in a members' voluntary winding up;

  • Chapter 21 (Section A)—Return of capital;

  • F7Chapter 21 (Section C)—Dissolution after winding up.

(4)

Where at the head of any Rule, or at the end of any paragraph of a Rule, there appear the words “(NO CVL APPLICATION)”, this signifies that the Rule or, as the case may be, the paragraph does not apply in a creditors' voluntary winding up.

However, this does not affect the court's power to make orders under section 112 (exercise in relation to voluntary winding up of powers available in winding up by the court).

(5)

Where to any Rule or paragraph there is given a number incorporating the letter “CVL”, that signifies that the Rule or (as the case may be) the paragraph applies in a creditors' voluntary winding up, and not in a winding up by the court.

F8(6)

In a voluntary winding up which is commenced by the registration of a notice under paragraph 83(3) of Schedule B1 to the Act, the following provisions of this Part shall not apply—

  • Rules 4.34, 4.38, 4.49, 4.51, 4.53, 4.62, 4.101, 4.103, 4.106, 4.152, 4.153, 4.206-4.210.

Annotations

Textual amendments

F1

Rule 4.1(1) substituted (11.1.1988 with application in accordance with rule 3(1)(2)) by The Insolvency (Amendment) Rules 1987 (S.I. 1987/1919), rule 1, Sch. para. 34(1)

F2

Words in rule. 4.1(1)(b) substituted (1.6.1998) by The Bank of England Act 1998 (Consequential Amendments of Subordinate Legislation) Order 1998 (S.I. 1998/1129), art. 1, Sch. 1 para. 4(2)

F3

Words in rule. 4.1(1)(b) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 378(1)

F4

Words in rule. 4.1(1)(b) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 377(3)

F5

Words in rule 4.1(2) inserted (11.1.1988 with application in accordance with rule 3(1)(2)) by The Insolvency (Amendment) Rules 1987 (S.I. 1987/1919), rule 1, Sch. para. 34(2)

F6

Words in rule 4.1(3) inserted (11.1.1988 with application in accordance with rule 3(1)(2)) by The Insolvency (Amendment) Rules 1987 (S.I. 1987/1919), rule 1, Sch. para. 34(3)(a)

F7

Words in rule 4.1(3) added (11.1.1988 with application in accordance with rule 3(1)(2)) by The Insolvency (Amendment) Rules 1987 (S.I. 1987/1919), rule 1, Sch. para. 34(3)(b)

F8

Rule 4.1(6) inserted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 12

Commencement

I1

Rule 4.1 in force at 29.12.1986, see rule 0.1