Rule 117 Resolutions of creditors’ committees by postI1

The administrator may seek to obtain the agreement of members of the creditors’ committee to a resolution by sending to every member of the committee (or designated representative) a copy of the proposed resolution.

Where the administrator makes use of this procedure, the administrator shall notify each member or their representative of each proposed resolution on which a decision is sought.

The F1FCA and, where the investment bank concerned is a PRA-authorised person, the PRA shall also be notified of each proposed resolution under this rule.

In a special administration (bank administration), if the notification in paragraph (2) happens before the Bank of England has given the Objective A Achievement Notice, the Bank of England shall be notified of each proposed resolution under this rule.

Any member of the committee may, within 7 business days of the date of the administrator notifying them of a resolution, require the administrator to summon a meeting of the committee to consider matters raised by the resolution.

In the absence of such a request, the resolution is deemed to have been passed by the committee if and when the administrator is notified in writing by a majority of the members that they agree with the resolution.

A copy of every resolution passed under this rule, and a note that the committee’s concurrence was obtained, shall be kept with the records of the proceedings.