Paragraph 20 Rule 4.29

After paragraph (5) of Rule 4.29, there shall be inserted the following paragraphs:—

“(6)

If there is no quorum present at the meeting summoned to receive the liquidator’s resignation, the meeting is deemed to have been held, a resolution is deemed to have been passed that the liquidator’s resignation be accepted, and the creditors are deemed not to have resolved against the liquidator having his release.

(7)

Where paragraph (6) applies—

(a)

the liquidator’s resignation is effective as from the date for which the meeting was summoned and that date shall be stated in the notice given by the liquidator under paragraph (3), and

(b)

the liquidator is deemed to have been released as from that date.”.