Rule 5.39 Arrangements for approval of fast-track voluntary arrangementF1F2
As soon as reasonably practicable after the official receiver agrees to act as nominee, he shall send to the creditors and any trustee who is not the official receiver—
a copy of the proposal; and
a notice inviting creditors to vote to approve or reject the debtor’s proposal and stating that—
if a majority in excess of three-quarters in value of creditors who vote approve the proposal, the official receiver will, as soon as reasonably practicable, report to the court that the proposal has been approved;
under section 263F—
the debtor, a person who was entitled to participate in the arrangements made under section 263B(2), any trustee who is not the official receiver, or the official receiver, has 28 days from the date the official receiver reports to the court under section 263C that the proposal has been approved to apply to the court to have the proposal set aside on the grounds set out in section 263F(1);
a creditor, who was not made aware of the arrangements under section 263B(2) at the time when they were made, has 28 days from the date on which he becomes aware of the voluntary arrangement, to apply to have the proposal set aside on the grounds set out in section 263F(1); and
creditors cannot propose modifications to the debtor’s proposal; and
for the creditors, a copy of Form 5.6 for their use.
The notice shall include a date specified by the official receiver as the final date on which he will accept votes from creditors, being a date not less than 14 days and not more than 28 days from the date of the notice.
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))
- F2
Pt. 5 Chs. 7-12 substituted for Pt. 5 Ch. 7 (1.4.2004) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(3), Sch. 1 para. 31