Article 24 Correspondence instead of creditors’ meetingsI1

This Rule applies where the postal administrator proposes to conduct the business of a creditors’ meeting by correspondence in accordance with paragraph 58 of Schedule B1 to the 1986 Act^f1.

Notice of the business to be conducted shall be given to all who are entitled to be notified of a creditors’ meeting by virtue of paragraph 51 of Schedule B1 to the 1986 Act^f2.

The postal administrator may seek to obtain the agreement of the creditors to a resolution by sending to every creditor a copy of the proposed resolution.

The postal administrator shall send to the creditors a copy of any proposed resolution on which a decision is sought, which shall be set out in such a way that agreement with or dissent from each separate resolution may be indicated by the recipient on the copy so sent.

The postal administrator shall set a closing date for receipt of votes and comments. The closing date shall be set at the discretion of the postal administrator, but shall not be less than 14 days from the date of issue of the notice under paragraph (1) of this Rule.

In order to be considered, votes and comments must be received by the postal administrator by the closing date and must be accompanied by the statement of claim and account or voucher referred to in F1Rule 37, except where the statement of claim and account or voucher have already been submitted by the creditor.

For the conduct of business to proceed, the postal administrator must receive at least one response which satisfies the requirement of paragraph (6) of this Rule.

If no responses are received by the closing date, then the postal administrator shall summon a creditors’ meeting.

Any single creditor, or a group of creditors, of the company whose debts amount to at least 10 per cent of the total debts of the company may, within 5 business days from the date of the postal administrator sending out a resolution or proposals, require him to summon a creditors’ meeting to consider the matters raised in the resolution or proposals.

If the postal administrator’s proposals or revised proposals are rejected by the creditors pursuant to this Rule, the administrator may summon a creditors’ meeting.

A reference in these Rules to anything done at a creditors’ meeting includes a reference to anything done in the course of correspondence in accordance with this Rule; and F2Rule 18 shall apply to the business of a creditors’ meeting conducted by correspondence as it applies to a creditors’ meeting..