Article 1.34 Creditor's election to opt out
A creditor may at any time elect to be an opted-out creditor.
The creditor's election to opt out must be by a notice in writing authenticated and dated by the creditor.
The creditor must deliver the notice to the office-holder.
A creditor becomes an opted-out creditor when the notice is delivered to the office-holder.
An opted-out creditor—
will remain an opted-out creditor for the duration of the insolvency proceedings unless the opt out is revoked; and
is deemed to be an opted-out creditor in respect of any consecutive insolvency proceedings under Parts 3 to 5 of the Act of a different kind relating to the same company.
The creditor may at any time revoke the election to opt out by a further notice in writing, authenticated and dated by the creditor and delivered to the office-holder.
The creditor ceases to be an opted-out creditor from the date the notice is delivered to the office-holder.
Notes on Chapter 9
Marginal citations
- M1
Section 246C was prospectively inserted for Scotland by section 124(3) of the Small Business, Enterprise and Employment Act 2015 (c.26) and section 248A by section 124(4) of that Act.