Article 8.18

(1)

In this Chapter, “requisitioned decision” means—

(a)

a decision requested to be sought under section 142(4) M1, 171(2)(b), 171(3A) M2 or 172(3) M3;

(b)

any other decision sought by a liquidator in a winding up by the court following a request to seek a decision on any matter from—

(i)

one-tenth in value of a company's creditors; or

(ii)

one-tenth in value of a company's contributories.

(2)

The request for a requisitioned decision must include a statement of the purpose of the proposed decision and either—

(a)

a copy of the requesting creditor's statement of claim or a statement of the requesting contributory's value, together with—

(i)

a list of the creditors or contributories concurring with the request and of the amounts of their respective claims or values; and

(ii)

confirmation of concurrence from each creditor or contributory concurring; or

(b)

a copy of the requesting creditor's statement of claim or a statement of the requesting contributory's value and a statement that that alone is sufficient without the concurrence of other creditors or contributories.

(3)

A decision procedure must be instigated under section 171(2)(b) for the removal of the liquidator, other than a liquidator appointed by the court under section 108, if 25% in value of the company's creditors, excluding those who are connected with the company M4, request it.

(4)

Where a decision procedure under 171(2)(b), 171(3) or 171(3A) is to be instigated, or is proposed to be instigated, the court may, on the application of any creditor, give directions as to the decision procedure to be used and any other matter which appears to the court to require regulation or control.

Annotations

Marginal citations

M1: Section 142 is prospectively amended by paragraph 37 of schedule 9 of the 2015 Act.
M2: Section 171(2)(b) is prospectively amended, subsections (3) and (6) substituted and subsections (3A) and (7) inserted by paragraph 42 of schedule 9 of the 2015 Act.
M3: Section 172(3) is prospectively amended by paragraph 43(3) of schedule 9 of the 2015 Act.
M4: “Connected” with a company is defined in section 249 of the Act.