Rule 92 Proxy-holder with financial interestI1

Scotland

(1)

A proxy-holder must not vote in favour of any resolution which would—

(a)

directly or indirectly place the proxy-holder, or any associate of the proxy-holder, in a position to receive any remuneration, fees or expenses out of the insolvent estate or the asset pool, or

(b)

fix or change the amount of or the basis of any remuneration, fees or expenses receivable by the proxy-holder or any associate of the proxy-holder from the insolvent estate or the asset pool.

(2)

However, a proxy-holder may vote for a resolution described in paragraph (1) if the proxy specifically directs the proxy-holder to vote in that way.

(3)

Where the administrator is appointed as proxy-holder and that proxy is used under rule 89(4) by another person acting as chair, the administrator is deemed to be an associate of the person acting as chair.

Annotations

Commencement

I1: Rule 92 in force at 19.12.2022, see rule 2