# The Investment Bank Special Administration (England and Wales) Rules 2011, Rule 87: Calculation of voting rights (creditors)

Extent: E+W

(1) Votes are calculated according to the amount of each creditor’s claim as at the date on which the investment bank entered special administration, less any payments that have been made to the creditor after that date in respect of the claim and any adjustment by way of set-off in accordance with rule 164 or 165 as if those rules were applied on the date on which the votes are counted.
(2) A creditor may vote in respect of a debt which is for an unliquidated amount or the value of which is not ascertained if the chair decides to put upon it an estimated minimum value for the purpose of entitlement to vote and admits the claim for that purpose.
(3) Paragraph (2) does not apply to a shortfall claim described in rule 90(4)(b).
(4) A creditor may not vote in respect of any claim or part of a claim—
(a) where the claim or part is secured, except where the vote is cast in respect of the balance (if any) of the debt after deduction of the value of the security as estimated by the creditor;
(b) where the claim is in respect of a debt wholly or partly on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing—
(i) to treat as a security in the creditor’s hands the liability on the bill or note of every person who is liable on it antecedently to the investment bank, and—
(aa) in the case of a company, has not gone into liquidation, or
(bb) in the case of an individual, against whom a bankruptcy order has not been made or whose estate has not been sequestrated, and
(ii) to estimate the value of the security and for the purposes of voting (but not otherwise) to deduct it from the claim.

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Source: https://www.legislation.gov.uk/uksi/2011/1301/rule/87 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-87
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.