Rule 66 Meeting to approve the revised statement of proposalsI1
England and Wales
This rule applies to a meeting of creditors, a meeting of clients or a meeting of creditors and clients to approve the revisions to the statement of proposals.
Where the revisions are being approved by a meeting of creditors and clients—
the creditors and the clients shall vote separately on whether to approve the revisions;
the revisions shall not be approved unless both classes of voter have voted to approve them; and
where the revisions 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.
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.
In a special administration or a special administration (bank insolvency), where the F1FCA or, where relevant, the PRA has given a direction under regulation 16 and has not withdrawn its direction at the time that the administrator proposes a revision to the statement of proposals, this rule shall not apply.
In a special administration (bank administration), where the FCA or, where relevant, the PRA has given a direction under regulation 16 and has not withdrawn its direction at the time that the administrator proposes a revision to the statement of proposals—
if Objective A has not been achieved, paragraph (2)(c) shall not apply; and
if Objective A has been achieved, this rule shall not apply.
Annotations
Textual amendments
- F1
Words in art. 66(4)(5) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 210(a)(b)(xii) (with Sch. 2 para. 211)