Regulation 24 Voluntary winding up of members: powers of reorganisation controller

United Kingdom

(1)

This regulation applies in relation to a member or former member that is a company and which is being wound up voluntarily with the consent of the reorganisation controller.

(2)

The reorganisation controller may apply to the court under section 112 of the 1986 Act (reference of questions to court) (or Article 98 of the 1989 Order) in respect of the member.

(3)

The reorganisation controller is entitled to be heard at any hearing of the court in relation to the voluntary winding up of the member.

(4)

Any notice or other document required to be sent to a creditor of the member must also be sent to the reorganisation controller.

(5)

The reorganisation controller, or a person appointed by him for the purpose, is entitled—

(a)

to attend any meeting of creditors of the member summoned under any enactment;

(b)

to attend any meeting of a committee established under section 101 of the 1986 Act (or Article 87 of the 1989 Order); and

(c)

to make representations as to any matter for decision at such a meeting.

F1(5A)

The reorganisation controller is entitled to participate (but not vote) in a qualifying decision procedure (within the meaning given by section 246ZE(11) of the 1986 Act) by which a decision about any matter is sought from the creditors of the member.

(6)

If, during the course of the winding up of the member, a compromise or arrangement is proposed between the member and its creditors, or any class of them, the reorganisation controller may apply to court under F2section 896 F3or section 901C of the 2006 Act.

Annotations

Textual amendments

F1: Reg. 24(5A) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 10(4) (with reg. 21)
F2: Words in reg. 24(6) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 27(8)
F3: Words in reg. 24(6) inserted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 16(4)