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Article 24 Meetings of creditors

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

In the case of a company carrying on long-term business, chapter 8 of Part 4 and Part 8 of the principal rules apply to each separate general meeting of the creditors summoned by the liquidator.

(2)

In relation to any such separate meeting—

(a)

rule 4.61(3) of the principal rules (expenses of summoning meetings) has effect as if the reference therein to assets were a reference to the assets available under the above-mentioned Regulations for meeting the liabilities of the company owed to the creditors summoned to the meeting, and

(b)

rule 4.63 of the principal rules (resolutions) applies as if the reference therein to value in relation to a creditor who is not, by virtue of rule 6, 7 or 8 above, required to prove his debt, were a reference to the value most recently notified to him under rule 22 above or, if the court has determined a different value in accordance with rule 22(4), as if it were a reference to that different value.