Article 78 VacanciesI1

England and Wales

(1)

The following applies if there is a vacancy in the membership of the creditors’ committee.

(2)

The vacancy need not be filled if the administrator and a majority of the remaining members of the creditors’ committee so agree, provided that—

(a)

the total number of members does not fall below three, and

(b)

the administrator thinks that the make-up of the creditors’ committee will continue to reflect all parties with an interest in the achievement of the special administration objectives.

(3)

The administrator may appoint a person (being qualified under these Rules to be a member of the creditors’ committee) from the same class of voters as the previous member to fill the vacancy, if—

(a)

a majority of the other members of the creditors’ committee who are from the same class of voters agree to the appointment, and

(b)

the person concerned consents to act.

Annotations

Commencement

I1: Rule 78 in force at 12.11.2021, see rule 2