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Rule 5.24 Proceedings to obtain agreement on the proposalF1

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)
(1)

On the day on which the creditors' meeting is held, it may from time to time be adjourned.

(2)

If on that day the requisite majority for the approval of the voluntary arrangement (with or without modifications) has not been obtained, the chairman may, and shall if it is so resolved, adjourn the meeting for not more than 14 days.

(3)

If there are subsequently further adjournments, the final adjournment shall not be to a day later than 14 days after that on which the meeting was originally held.

(4)

If the meeting is adjourned under paragraph (2), notice of the fact shall be given by the chairman forthwith to the court.

(5)

If following any final adjournment of the meeting the proposal (with or without modifications) is not agreed to, it is deemed rejected.

Annotations

Textual amendments

F1

Pt. 5 substituted (1.1.2003) by The Insolvency (Amendment) (No. 2) Rules 2002 (S.I. 2002/2712), rule 1(1), Sch. para. 24 (with rule 3(2))