{
  "url": "https://openlegislation.uk/insolvency-rules-1986/rule-5.43",
  "json_url": "https://openlegislation.uk/insolvency-rules-1986/rule-5.43.json",
  "legislation": "uksi/1986/1925",
  "legislation_title": "The Insolvency Rules 1986",
  "legislation_url": "https://openlegislation.uk/insolvency-rules-1986",
  "path": "rule/5.43",
  "kind": "rule",
  "number": "5.43",
  "heading": "Requisite majorities",
  "text": "(1) A proposal is approved by the creditors if a majority in excess of three-quarters in value of the creditors who vote approve the proposal.\n(2) In the following cases there is to be left out of account a creditor’s vote in respect of any claim or part of a claim—\n(a) where the claim or part is secured;\n(b) where the claim is in respect of a debt wholly or partly on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing—\n(i) to treat the liability to him on the bill or note of every person who is liable on it antecedently to the debtor, and against whom a bankruptcy order has not been made (or in the case of a company, which has not gone into liquidation), as a security in his hands; and\n(ii) to estimate the value of the security and (for the purpose of entitlement to vote, but not of any distribution under the arrangement) to deduct it from his claim.\n(3) A proposal is not approved if those voting against it include more than half in value of the creditors, counting in the latter only those—\n(a) who gave notice to the official receiver in accordance with Rule 5.40;\n(b) whose votes are not to be left out of account under paragraph (2); and\n(c) who are not, to the best of the official receiver’s belief, associates of the debtor.\n(4) It is for the official receiver to decide whether, under this Rule a person is an associate of the debtor for the purposes of paragraph (3)(c) and in relation to this he is entitled to rely on the information provided by the debtor’s statement of affairs or otherwise in accordance with this Part of the Rules.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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))"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Rule 5.43(3)(4) inserted (1.4.2004) by The Insolvency (Amendment) Rules 2004 (S.I. 2004/584), rules 1(2), 24"
    }
  ],
  "outstanding_effects": [
    {
      "type": "substituted for rule 4.54(5)",
      "affecting": "uksi/2010/686",
      "affecting_title": "The Insolvency (Amendment) Rules 2010"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1986/1925/rule/5.43",
    "retrieved_at": "2026-10-29T16:38:55.219722+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}