Paragraph 18 Sections 146 and 331: Duty to summon final meeting of creditorsI1

Sections 146 and 331 are modified so as to read as follows—

“F1Final Account

146.

(1)

This section applies if it appears to the responsible insolvency practitioner of an insolvent partnership which is being wound up by virtue of article 8 of the Insolvent Partnerships Order 1994 and of its insolvent member or members that the winding up of the partnership or of any corporate member, or the administration of any individual member’s estate is for practical purposes complete and the practitioner is not the official receiver.

(2)

The responsible insolvency practitioner must make up an account of the winding up or administration, showing how it has been conducted and the property disposed of.

(3)

The responsible insolvency practitioner must—

(a)

send a copy of the account to the creditors of the partnership (other than opted-out creditors), and

(b)

give the partnership’s creditors (other than opted-out creditors) a notice explaining the effect of section 174(4)(d) and how they may object to the liquidator’s release.

(4)

The liquidator must during the relevant period send to the court and, in the case of a corporate member, send to the registrar of companies—

(a)

a copy of the account, and

(b)

a statement of whether any of the partnership’s creditors objected to the liquidator’s release.

(5)

The relevant period is the period of 7 days beginning with the day after the last day of the period prescribed by the rules as the period within which the creditors may object to the responsible insolvency practitioner’s release.”.