Rule 63 Business of the initial meetingI1

At the initial meeting of creditors and clients—

The proposals shall not be approved unless both classes of voter have voted to approve them.

The creditors and the clients shall vote separately on whether to approve the proposals.

In a special administration (bank insolvency) (and in a special administration (bank administration) if there are depositors) the FSCS shall be entitled to vote as a creditor under this rule and rule 86 has effect with respect to its voting rights.

If the proposals are approved by a class of voter subject to a modification, the proposals will not be considered approved by the other class unless that other class has approved the proposals as modified.

Where the administrator is unable to get the requisite majority of a class of voter for approval of the statement of proposals (with or without any modifications), rule 64 applies.

Paragraph (6) shall not apply in a special administration (bank administration).

This rule shall not apply where the F1FCA or, where relevant, the PRA has given a direction under regulation 16 and the direction has not been withdrawn.