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Rule 5.50 Completion or termination of the fast-track voluntary arrangementF1F2

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)
(1)

Not more than 28 days after the final completion or termination of the voluntary arrangement, the supervisor shall send to all creditors of the debtor who are bound by the arrangement, and to the debtor, a notice that the voluntary arrangement has been fully implemented, (or as the case may be) terminated.

(2)

With the notice there shall be sent to each of those persons a copy of a report by the supervisor summarising all receipts and payments made by him in pursuance of the voluntary arrangement, and explaining any difference in the actual implementation of it compared with the proposal as approved by the creditors.

(3)

The supervisor shall, within the 28 days mentioned above, send to the Secretary of State a copy of the notice under paragraph (1), together with a copy of the report under paragraph (2), and he shall not vacate office until after such copies have been sent.

(4)

The court may, on application by the supervisor, extend the period of 28 days under paragraphs (1) and (3).

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