# The Investment Bank Special Administration (England and Wales) Rules 2011, Rule 78: Quorum at meetings

Extent: E+W

(1) A meeting of creditors, clients, creditors and clients or contributories is not competent to act unless a quorum is present.
(2) A quorum is—
(a) in the case of a meeting of creditors, at least one creditor entitled to vote;
(b) in the case of a meeting of clients, at least one client entitled to vote;
(c) in the case of a meeting of creditors and clients, at least one creditor and one client who are each entitled to vote;
(d) in the case of a meeting of contributories, at least 2 contributories so entitled, or all the contributories, if their number does not exceed 2.
(3) Where at any meeting under paragraph (2)—
(a) the provisions of this rule as to a quorum being present are satisfied by the attendance of—
(i) the chair alone, or
(ii) one other person in addition to the chair, and
(b) the chair is aware, by virtue of claims or proofs and proxies received or otherwise, that one or more additional persons would, if attending, be entitled to vote,
the meeting must not commence until at least the expiry of 15 minutes after the time appointed for its commencement.

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Source: https://www.legislation.gov.uk/uksi/2011/1301/rule/78 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-78
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.