Rule 4.162 Committee established by contributories

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

rules 11.01-11.13 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 6(10)-CP(3) substituted by Insolvency 2000 rule 5
rule 4.056-CVL(2) words inserted by Insolvency 2006 Sch. 1 para. 22
rule 4.228A-4.228E inserted by Insolvency 2008 rule 5
rules 2.028-2.110 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.114-2.115 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.119-2.130 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.027-4.029 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.031-4.034 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.197-4.204 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.05-7.07 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.09-7.14 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.19-7.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.24-7.30 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.34-7.42 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.50-7.54 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 12.01-12.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 4.162 applied and modified by Bank Insolvency 2009 rule 117
rule 4.162 applied (with modifications) by Bank Insolvency 2009 rule 117
rule 7. 13B(2) word omitted by Insolvency 2023 rule 37(1)

(NO CVL APPLICATION)

(1)

Paragraphs (2) to (4) apply where the creditors' meeting under Article 120 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 Article 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 Article 120.

(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 three, and not more than five, contributories elected by that meeting; and Rule 4.161 applies, substituting for the reference in paragraph (4) of that Rule to Rule 4.160 a reference to this paragraph.

[E.R.4.154]