# The Investment Bank Special Administration (Scotland) Rules 2011, Rule 45: Meeting to approve the revised statement of proposals


(1) 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.
(2) Where the revisions are being approved by a meeting of creditors and clients—
(a) the creditors and the clients shall vote separately on whether to approve the revisions;
(b) the revisions shall not be approved unless both classes of voter have voted to approve them; and
(c) 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.
(3) In a special administration (bank insolvency) (and in an special administration (bank administration) if there are depositors) the FSCS shall be entitled to vote as a creditor under this rule and rule 65 has effect with respect to its voting rights.
(4) In a special administration or a special administration (bank insolvency), where the FSA has given a direction under regulation 16 and has not withdrawn its direction at the time that the administrator proposes a revision to the statement of proposals, this rule shall not apply.
(5) In a special administration (bank administration), where the FSA has given a direction under regulation 16 and has not withdrawn its direction at the time that the administrator proposes a revision to the statement of proposals—
(a) if Objective A has not been achieved, paragraph (2)(c) shall not apply; and
(b) if Objective A has been achieved, this rule shall not apply.

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Source: https://www.legislation.gov.uk/uksi/2011/2262/rule/45 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-scotland-rules-2011/rule-45
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.