Paragraph 14 Section 139: Rules applicable to decision makingF2I1

Section 139 is modified so as to read as follows—

“139

(1)

This section applies where the court has made insolvency orders against a insolvent partnership and one or more of its insolvent members by virtue of article 8 of the Insolvent Partnerships Order 1994.

F1(2)

Subject to subsection (4) below, the rules relating to decision making on the winding up of a company are to apply (with the necessary modifications) to decisions sought from creditors of the partnership, of any corporate members against which an insolvency order has been made or of any insolvent member, where the decision is one to be made with creditors of the partnership.

(3)

Subject to subsection (4) below, the rules relating to decision making on the bankruptcy of an individual are to apply (with the necessary modifications) to decisions sought from creditors of any individual member against whom an insolvency order has been made.

(4)

Any decision to be made by the creditors of the partnership and of the insolvent member or members must be conducted as if there were a single set of creditors”.