Paragraph 21 F1

Paragraph 52 is modified so as to read as follows—

“52.

(1)

Paragraph 51(1) shall not apply where the statement of proposals states that the administrator thinks—

(a)

that the partnership has sufficient property to enable each creditor of the partnership to be paid in full,

(b)

that the partnership has insufficient property to enable a distribution to be made to unsecured creditors, or

(c)

that neither of the objectives specified in paragraph 3(1)(a) and (b) can be achieved.

(2)

But the administrator shall F2seek a decision from the partnership’s creditors as to whether they approve the proposals set out in the statement made under paragraph 49(1) if requested to do so —

(a)

by creditors of the partnership whose debts amount to at least 10 per cent of the total debts of the partnership,

(b)

in the prescribed manner, and

(c)

in the prescribed period.

(F33)

Where a decision is sought by virtue of sub-paragraph (2) the initial decision date (as defined in paragraph 51(3)) must be within the prescribed period.

(4)

The period prescribed under sub-paragraph (3) may be varied in accordance with paragraph 107.”.