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Rule 4.154 Committee established by contributoriesI1

England and Wales

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

  • rule 4.154(1) words omitted by SI 2009/356 rule 117 (as amended) by Bank Insolvency 2010 rule 50
  • rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)

(NO CVL APPLICATION)

(1)

The following applies where the creditors' meeting under section 141 does not decide that a liquidation committee should be established, or decides that a committee should not be established.

(2)

The meeting of contributories under that section may appoint one of their number to make application to the court for an order to the liquidator that a further creditors' meeting be summoned for the purpose of establishing a liquidation committee; and—

(a)

the court may, if it thinks that there are special circumstances to justify it, make that order, and

(b)

the creditors' meeting summoned by the liquidator in compliance with the order is deemed to have been summoned under section 141.

(3)

If the creditors' meeting so summoned does not establish a liquidation committee, a meeting of contributories may do so.

(4)

The committee shall then consist of at least 3, and not more than 5, contributories elected by that meeting; and Rule 4.153 applies, F1substituting for the reference in paragraph (3) of that Rule to Rule 4.152 a reference to this paragraph.

Annotations

Textual amendments

F1

Words in rule 4.154(4) 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. 72

Commencement

I1

Rule 4.154 in force at 29.12.1986, see rule 0.1