# The Investment Bank Special Administration (England and Wales) Rules 2011, Rule 97: Correspondence instead of meetings

Extent: E+W

(1) The administrator, when convening a meeting, may seek to obtain the passing by creditors, clients or contributories of a written resolution by sending a notice to that effect to every creditor, client or contributory (as the case may be) who would be entitled to be notified of (or in the case of clients, the administrator thinks it appropriate that they are summoned to) a meeting at which the resolution could be passed.
(2) Notice under paragraph (1) must contain the following information—
(a) a statement that the proceedings are being held in the High Court and the court reference number;
(b) the full name, registered address and registered number of the investment bank;
(c) the full name and business address of the administrator;
(d) the resolution to be voted on; and
(e) the closing date by which the recipient must respond to the administrator.
(3) In order to be counted, votes must—
(a) be received by the administrator by 12.00 hours on the closing date specified in the notice;
(b) in the case of a vote cast by a creditor or by a client, be accompanied by a statement of entitlement to vote on the resolution unless one has already been lodged with or given to the administrator.
(4) A statement of entitlement is written details of the creditor’s claim or the client’s claim in respect of client assets.
(5) The closing date is to be set at the discretion of the administrator, but must be not less than 14 days from the date of issue of the notice.
(6) Votes must be disregarded if—
(a) the requisite statement of entitlement had not accompanied them or previously been lodged with or given to the administrator, or
(b) in the application of Chapter 5 of this Part, the administrator decides that the creditor or client is not entitled to cast the votes.
(7) For the resolution to be passed, the administrator must receive at least one valid vote in favour by the closing date specified in the notice.
(8) If no valid vote is received by the closing date, the creditor must call a meeting of creditors, clients or contributories (as the case may be) to consider the resolution.
(9) Creditors the debts of whom amount to at least 10% of the total debts of the investment bank may, within 5 business days from the date of issue of the notice, require the administrator to call a meeting of creditors to consider the resolution.
(10) Clients asserting claims over at least 10% of the total value of client assets held by the investment bank may, within 5 business days from the date of issue of the notice, require the administrator to call a meeting of clients to consider the resolution.
(11) Contributories representing at least 10% of the total voting rights of all contributories having the right to vote a at meeting of contributories may, within 5 business days from the date of issue of the notice, require the administrator to call a meeting of contributories to consider the resolution.
(12) A reference in these Rules to anything done or required to be done at, or in connection with, or in consequence of, a meeting of creditors, clients or contributories extends to anything done in the course of correspondence in accordance with this rule.

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Source: https://www.legislation.gov.uk/uksi/2011/1301/rule/97 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-97
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.