Paragraph 52 Rule 7.34

After Rule 7.33 there shall be inserted the following Rule:—

“Disposal of company’s books, papers and other records

7.34

(1)

Where a company has been the subject of insolvency proceedings (“the original proceedings”) which have terminated and other insolvency proceedings (“the subsequent proceedings”) have commenced in relation to that company, the responsible insolvency practitioner appointed in relation to the original proceedings, shall, before the expiry of the later of—

(a)

the period of 30 days following a request to him to do so by the responsible insolvency practitioner appointed in relation to the subsequent proceedings, or

(b)

the period of 6 months after the relevant date (within the meaning of Rule 7.33),

deliver to the responsible insolvency practitioner appointed in relation to the subsequent proceedings the books, papers and other records of the company.

(2)

In the case of insolvency proceedings, other than winding up, where—

(a)

the original proceedings have terminated, and

(b)

no subsequent proceedings have commenced within the period of 6 months after the relevant date in relation to the original proceedings,

the responsible insolvency practitioner appointed in relation to the original proceedings may dispose of the books, papers and records of the company after the expiry of the period of 6 months referred to in sub-paragraph (b), but only in accordance with directions given by—

(i)

the creditors' committee (if any) appointed in the original proceedings,

(ii)

the members of the company by extraordinary resolution, or

(iii)

the court.

(3)

Where a company is being wound up the liquidator shall dispose of the books, papers and records of the company either in accordance with—

(a)

in the case of a winding up by the court, directions of the liquidation committee, or, if there is no such committee, directions of the court;

(b)

in the case of a members' voluntary winding up, directions of the members by extraordinary resolution; and

(c)

in the case of a creditors' voluntary winding up, directions of the liquidation committee, or, if there is no such committee, of the creditors given at or before the final meeting under section 106,

or, if, by the date which is 12 months after the dissolution of the company, no such directions have been given, he may do so after that date in such a way as he deems appropriate.”.