Paragraph 10 Meeting of creditors and clients to approve statement

This paragraph applies after the administrator has sent the statement of proposals to the persons listed in paragraph 9(1) unless (subject to sub-paragraph (6)) F1a regulator has given a direction under regulation 16 and the direction has not been withdrawn.

Paragraph 50 of Schedule B1 applies save that—

Paragraph 51 of Schedule B1 applies save that—

Paragraph 53 of Schedule B1 applies save that in sub-paragraph (2), if F4FCA or, where the investment bank concerned is a PRA-authorised person, the PRA has not appointed a person to attend the meeting, the administrator must also report any decision taken to F5that regulator.

If the meeting of creditors is unable to approve the statement, the administrator may apply to court for an order dispensing with the need for the approval of the meeting of creditors, and paragraph 14 applies.

Where, before F6a regulator gives a direction under regulation 16, a meeting of creditors has already approved the statement under this paragraph, when F7that regulator gives its direction a new statement shall be drawn up in accordance with paragraphs 7 to 9 to replace the statement that has already been approved.

For the purposes of this paragraph—