Rule 4.23 Summoning of meeting for removal of liquidator

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rule 1.12-1.16E applied 2016 asp 21 s. 14B (as inserted) by Insolvency (Regulation (EU) 2015/848) 2017 reg. 4(8)
Rules applied (with modifications) by Building Society Special Administration 2009 rule 38-41
Rules applied (with modifications) by Limited Liability Partnerships 2001 reg. 6(1)
Rules specified provisions applied (with modifications) by Collective Investment in Transferable Securities (Contractual Scheme) 2013 Sch. 4

(1)

Subject to section 172(3) and without prejudice to any other method of summoning the meeting, a meeting of creditors for the removal of the liquidator in accordance with section 172(2) shall be summoned by the liquidator if requested to do so by not less than one quarter in value of the creditors.

(2)

Where a meeting of creditors is summoned especially for the purpose of removing the liquidator in accordance with section 172(2), the notice summoning it shall draw attention to section 174(4)(a) or (b) with respect to the liquidator's release.

(3)

At the meeting, a person other than the liquidator or his nominee may be elected to act as chairman; but if the liquidator or his nominee is chairman and a resolution has been proposed for the liquidator's removal, the chairman shall not adjourn the meeting without the consent of at least one-half (in value) of the creditors present (in person or by proxy) and entitled to vote.

(4)

Where a meeting is to be held or is proposed to be summoned under this Rule, the court may, on the application of any creditor, give directions as to the mode of summoning it, the sending out and return of forms of proxy, the conduct of the meeting, and any other matter which appears to the court to require regulation or control under this Rule.