Rule 4.43 Committee established by contributories

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
rule 4.43 applied (with modifications) by Building Society Insolvency 2010 rule 61

(1)

The following applies where the creditors' meeting under section 138 or 142 of the Act does not decide that a liquidation committee should be established or decides that a liquidation committee should not be established.

(2)

A meeting of contributories under section 138 or 142 may appoint one of their number to make application to the court for an order to the liquidator that a further creditors' meeting be summoned for the purpose of establishing a liquidation committee; and -

(a)

the court may, if it thinks that there are special circumstances to justify it, make that order, and

(b)

the creditors' meeting summoned by the liquidator in compliance with the order is deemed to have been summoned under section 142.

(3)

If the creditors' meeting so summoned does not establish a liquidation committee, a meeting of contributories may do so.

(4)

The committee shall then consist of at least 3, and not more than 5, contributories elected by that meeting; and Rule 4.42 shall apply to such a committee with the substitution of references to contributories for references to creditors.