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The Insolvency (Scotland) Rules 1986

S.I. 1986/1915 · Made 10 November 1986

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INSOLVENCY

COMPANIES

Made 10th November 1986

Laid before Parliament 26th November 1986

Coming into Operation 29th December 1986

The Secretary of State, in exercise of the powers conferred on him by section 411 of the Insolvency Act 1986f1 and of all other powers enabling him in that behalf, hereby makes the following Rules:-

Annotations to the whole text

Footnotes

f1

1986 c.45.

Contents

  1. Part: INTRODUCTORY PROVISIONS
  2. 0.1Citation and commencement
  3. 0.2Interpretation
  4. 0.3Application
  5. Part I: COMPANY VOLUNTARY ARRANGEMENTS
  6. Chapter 1: PRELIMINARY
  7. 1.1Scope of this Part; interpretation
  8. Chapter 2: PROPOSAL BY DIRECTORS
  9. 1.2Preparation of proposal
  10. 1.3Contents of proposal
  11. 1.4Notice to intended nominee
  12. 1.5Statement of affairs
  13. 1.6Additional disclosure for assistance of nominee
  14. 1.7Nominee's report on the proposal
  15. 1.8Replacement of nominee
  16. 1.9Summoning of meetings under section 3
  17. Chapter 3: PROPOSAL BY ADMINISTRATOR OR LIQUIDATOR WHERE HE IS THE NOMINEE
  18. 1.10Preparation of proposal
  19. 1.11Summoning of meetings under section 3
  20. Chapter 4: PROPOSAL BY ADMINISTRATOR OR LIQUIDATOR WHERE ANOTHER INSOLVENCY PRACTITIONER IS THE NOMINEE
  21. 1.12Preparation of proposal and notice to nominee
  22. Chapter 5: MEETINGS
  23. 1.13General
  24. 1.14Summoning of meetings
  25. 1.15Attendance by company officers
  26. 1.16Adjournments
  27. 1.17Report of meetings
  28. Chapter 6: IMPLEMENTATION OF THE VOLUNTARY ARRANGEMENT
  29. 1.18Resolutions to follow approval
  30. 1.19Hand-over of property, etc. to supervisor
  31. 1.20Revocation or suspension of the arrangement
  32. 1.21Supervisor's accounts and reports
  33. 1.22Fees, costs, charges and expenses
  34. 1.23Completion of the arrangement
  35. 1.24False representations, etc.
  36. Part 2: ADMINISTRATION PROCEDURE
  37. Chapter 1: APPLICATION FOR, AND MAKING OF, THE ORDER
  38. 2.1Independent report on company's affairs
  39. 2.2Notice of petition
  40. 2.3Notice and advertisement of administration order
  41. Chapter 2: STATEMENT OF AFFAIRS AND PROPOSALS TO CREDITORS
  42. 2.4Notice requiring statement of affairs
  43. 2.5Form of the statement of affairs
  44. 2.6Expenses of statement of affairs
  45. 2.7Statement to be annexed to proposals
  46. 2.8Notices of proposals to members
  47. Chapter 3: MEETINGS AND NOTICES
  48. 2.9General
  49. 2.10Meeting to consider administrator's proposals
  50. 2.11Retention of title creditors
  51. 2.12Hire-purchase, conditional sale and hiring agreements
  52. 2.13Report of meetings
  53. 2.14Notices to creditors
  54. Chapter 4: THE CREDITORS' COMMITTEE
  55. 2.15Application of provisions in Part 3 (Receivers)
  56. Chapter 5: THE ADMINISTRATOR
  57. 2.16Remuneration
  58. 2.17Abstract of receipts and payments
  59. 2.18Resignation from office
  60. 2.19Administrator deceased
  61. 2.20Order filling vacancy
  62. Chapter 6: VAT BAD DEBT RELIEF
  63. 2.21Application of provisions in Part 3 (Receivers)
  64. Part 3: RECEIVERS
  65. Chapter 1: APPOINTMENT
  66. 3.1Acceptance of Appointment
  67. Chapter 2: STATEMENT OF AFFAIRS
  68. 3.2Notice requiring statement of affairs
  69. 3.3Expenses of statement of affairs
  70. Chapter 3: THE CREDITORS' COMMITTEE
  71. 3.4Constitution of committee
  72. 3.5Functions of the committee
  73. 3.6Application of provisions relating to liquidation committee
  74. 3.7Information from receiver
  75. 3.8Members' dealings with the company
  76. Chapter 4: MISCELLANEOUS
  77. 3.9Abstract of receipts and payments
  78. 3.10Receiver deceased
  79. 3.11Vacation of office
  80. Chapter 5: VAT BAD DEBT RELIEF
  81. 3.12Issue of certificate of insolvency
  82. 3.13Notice to creditors
  83. 3.14Preservation of certificate with company's records
  84. Part 4: WINDING UP BY THE COURT
  85. Chapter 1: PROVISIONAL LIQUIDATOR
  86. 4.1Appointment of provisional liquidator
  87. 4.2Order of appointment
  88. 4.3Caution
  89. 4.4Failure to find or to maintain caution
  90. 4.5Remuneration
  91. 4.6Termination of appointment
  92. Chapter 2: STATEMENT OF AFFAIRS
  93. 4.7Notice requiring statement of affairs
  94. 4.8Form of the statement of affairs
  95. 4.9Expenses of statement of affairs
  96. Chapter 3: INFORMATION
  97. 4.10Information to creditors and contributories
  98. 4.11Information to registrar of companies
  99. Chapter 4: MEETINGS OF CREDITORS AND CONTRIBUTORIES
  100. 4.12First meetings in the liquidation
  101. 4.13Other meetings
  102. 4.14Attendance at meetings of company's personnel
  103. Chapter 5: CLAIMS IN LIQUIDATION
  104. 4.15Submission of claims
  105. 4.16Application of the Bankruptcy Act
  106. 4.17Claims in foreign currency
  107. Chapter 6: THE LIQUIDATOR
  109. 4.18Appointment of liquidator by the court
  110. 4.19Appointment by creditors or contributories
  111. 4.20Authentication of liquidator's appointment
  112. 4.21Hand-over of assets to liquidator
  113. 4.22Taking possession and realisation of the company's assets
  115. 4.23Summoning of meeting for removal of liquidator
  116. 4.24Procedure on liquidator's removal
  117. 4.25Release of liquidator on removal
  118. 4.26Removal of liquidator by the court
  119. 4.27Advertisement of removal
  120. 4.28Resignation of liquidator
  121. 4.29Action following acceptance of liquidator's resignation
  122. 4.30Leave to resign granted by the court
  124. 4.31Final meeting
  126. 4.32Determination of amount of outlays and remuneration
  127. 4.33Recourse of liquidator to meeting of creditors
  128. 4.34Recourse to the court
  129. 4.35Creditors' claim that remuneration is excessive
  131. 4.36Liquidator deceased
  132. 4.37Loss of qualification as insolvency practitioner
  133. 4.38Power of court to set aside certain transactions
  134. 4.39Rule against solicitation
  135. Chapter 7: THE LIQUIDATION COMMITTEE
  136. 4.40Preliminary
  137. 4.41Membership of committee
  138. 4.42Formalities of establishment
  139. 4.43Committee established by contributories
  140. 4.44Obligations of liquidator to committee
  141. 4.45Meetings of the committee
  142. 4.46The chairman at meetings
  143. 4.47Quorum
  144. 4.48Committee members' representatives
  145. 4.49Resignation
  146. 4.50Termination of membership
  147. 4.51Removal
  148. 4.52Vacancy (creditor members)
  149. 4.53Vacancy (contributory members)
  150. 4.54Voting rights and resolutions
  151. 4.55Resolutions by post
  152. 4.56Liquidator's reports
  153. 4.57Expenses of members, etc.
  154. 4.58Dealings by committee-members and others
  155. 4.59Composition of committee when creditors paid in full
  156. Chapter 8: THE LIQUIDATION COMMITTEE WHERE WINDING UP FOLLOWS IMMEDIATELY ON ADMINISTRATION
  157. 4.60Preliminary
  158. 4.61Continuation of creditors' committee
  159. 4.62Membership of committee
  160. 4.63Liquidator's certificate
  161. 4.64Obligations of liquidator to committee
  162. 4.65Application of Chapter 7
  163. Chapter 9: DISTRIBUTION OF COMPANY'S ASSETS BY LIQUIDATOR
  164. 4.66Order of priority in distribution
  165. 4.67Order of priority of expenses of liquidation
  166. 4.68Application of the Bankruptcy Act
  167. Chapter 10: SPECIAL MANAGER
  168. 4.69Appointment and remuneration
  169. 4.70Caution
  170. 4.71Failure to find or to maintain caution
  171. 4.72Accounting
  172. 4.73Termination of appointment
  173. Chapter 11: PUBLIC EXAMINATION OF COMPANY OFFICERS AND OTHERS
  174. 4.74Notice of order for public examination
  175. 4.75Order on request by creditors or contributories
  176. Chapter 12: MISCELLANEOUS
  177. 4.76Limitation
  178. 4.77Dissolution after winding up
  179. Chapter 13: COMPANY WITH PROHIBITED NAME
  180. 4.78Preliminary
  181. 4.79Application for leave under section 216(3)
  182. 4.80First excepted case
  183. 4.81Second excepted case
  184. 4.82Third excepted case
  185. Part 5: CREDITORS' VOLUNTARY WINDING UP
  186. 5Application of Part 4
  187. Part 6: MEMBERS' VOLUNTARY WINDING UP
  188. 6Application of Part 4
  189. Part 7: PROVISIONS OF GENERAL APPLICATION
  190. Chapter 1: MEETINGS
  191. 7.1Scope of Chapter 1
  192. 7.2Summoning of meetings
  193. 7.3Notice of meeting
  194. 7.4Additional notices in certain cases
  195. 7.5Chairman of meetings
  196. 7.6Meetings requisitioned
  197. 7.7Quorum
  198. 7.8Adjournment
  199. 7.9Entitlement to vote (creditors)
  200. 7.10Entitlement to vote (members and contributories)
  201. 7.11Chairman of meeting as proxy holder
  202. 7.12Resolutions
  203. 7.13Report of meeting
  204. Chapter 2: PROXIES AND COMPANY REPRESENTATION
  205. 7.14Definition of “proxy”
  206. 7.15Form of proxy
  207. 7.16Use of proxy at meeting
  208. 7.17Retention of proxies
  209. 7.18Right of inspection
  210. 7.19Proxy-holder with financial interest
  211. 7.20Representation of corporations
  212. Chapter 3: MISCELLANEOUS
  213. 7.21Giving of notices, etc.
  214. 7.22Sending by post
  215. 7.23Certificate of giving notice, etc.
  216. 7.24Validity of proceedings
  217. 7.25Evidence of proceedings at meetings
  218. 7.26Right to list of creditors and copy documents
  219. 7.27Confidentiality of documents
  220. 7.28Insolvency practitioner's caution
  221. 7.29Punishment of offences
  222. 7.30Forms for use in insolvency proceedings
  223. 7.31Fees, expenses, etc.
  224. 7.32Power of court to cure defects in procedure
  225. 7.33Sederunt book
  226. Signature
  227. Schedule 1: MODIFICATIONS OF PART 4 IN RELATION TO CREDITORS' VOLUNTARY WINDING UP
  228. 1Paragraph 1
  229. General
  230. 2Paragraph 2
  231. Chapter 1 (Provisional liquidator)
  232. 3Paragraph 3
  233. Chapter 2 (Statement of affairs)
  234. 4Rules 4. 7 and 4.8
  235. 5Rule 4.9
  236. Chapter 3 (Information)
  237. 6Rule 4.10
  238. Chapter 4 (Meetings of creditors and contributories)
  239. 7Rule 4.12
  240. 8Rule 4.14
  241. 9Rule 4.15
  242. 10Rule 4.16
  243. Chapter 6 (The liquidator)
  244. 11Rule 4.18
  245. 12Rule 4.19
  246. 13Rule 4.23
  247. 14Rule 4.24
  248. 15Rule 4.25
  249. 16Rule 4.28
  250. 17Rule 4.29
  251. 18Rule 4.31
  252. 19Rule 4.36
  253. 20Rule 4.37
  254. Chapter 7 (The liquidation committee)
  255. 21Rule 4.40
  256. 21Rule 4.41
  257. 23Rule 4.43
  258. 24Rule 4.47
  259. 25Rule 4.53
  260. 26Rule 4.54
  261. 27Rule 4.55
  262. Chapter 8 (The liquidation committee where winding up follows immediately on administration)
  263. 28Paragraph 28
  264. Chapter 9 (Distribution of company's assets by liquidator)
  265. 29Rule 4.66
  266. Chapter 10 (Special manager)
  267. 30Rule 4.70
  268. 31Rule 4.71
  269. Chapter 11 (Public examination of company officers and others)
  270. 32Paragraph 32
  271. Chapter 12 (Miscellaneous)
  272. 33Rule 4.77
  273. Schedule 2: APPLICATION OF PART 4 IN RELATION TO MEMBERS' VOLUNTARY WINDING UP
  274. 1Paragraph 1
  275. General
  276. 2Paragraph 2
  277. Chapter 3 (Information)
  278. 3Rule 4.11
  279. Chapter 6 (The liquidator)
  280. 4Rule 4.18
  281. 5Rule 4.19
  282. 6Rules 4.20 to 4.22
  283. 7Rule 4.26
  284. 8Rule 4.27
  285. 9Rule 4.28
  286. 10Rule 4.36
  287. 11Rule 4.37
  288. 12Rule 4.38
  289. 13Rule 4.39
  290. Chapter 10 (Special manager)
  291. 14Paragraph 14
  292. Schedule 3: DEPOSIT PROTECTION BOARD'S VOTING RIGHTS
  293. 1Paragraph 1
  294. 2Paragraph 2
  295. 3Paragraph 3
  296. 4Paragraph 4
  297. 5Paragraph 5
  298. 6Paragraph 6
  299. Schedule 4PUNISHMENT OF OFFENCES UNDER THE RULES
  300. Schedule 5FORMS
  301. Explanatory note