Article 25 Revision of the SMCL administrator’s proposals

(1)

Where paragraph 54(2) of Schedule B1 to the 1986 Act applies, the SMCL administrator must, as soon as reasonably practicable, make a statement setting out the revisions to the SMCL administrator’s proposals and send it to all those to whom the SMCL administrator is required to send a copy of the revised proposals.

(2)

The statement of revised proposals must—

(a)

be headed “Statement of SMCL administrator’s revised proposals”; and

(b)

include immediately below the heading—

(i)

the full name, registered address, registered number and any other trading names of the SMCL; and

(ii)

details of the court where the proceedings are and the relevant court reference number.

(3)

The statement of revised proposals must include—

(a)

details relating to the SMCL administrator’s appointment, including the date of appointment and whether the SMCL administration application was made by the Secretary of State or GEMA;

(b)

the names of the directors and secretary of the SMCL and details of any shareholdings in the SMCL they may have;

(c)

a summary of the original proposals and the reasons for the revision;

(d)

details of the revision including details of the SMCL administrator’s assessment of the likely impact of the revision upon creditors generally or upon each class of creditors;

(e)

where the revision relates to the ending of the SMCL administration by a creditors’ voluntary liquidation and the nomination of a person to be the proposed liquidator of the SMCL—

(i)

details of the proposed liquidator;

(ii)

where applicable, the declaration required by section 231 of the 1986 Act; and

(iii)

a statement that the creditors may nominate a different person as liquidator in accordance with paragraph 83(7)(a) of Schedule B1 to the 1986 Act and Rule 93(4); and

(f)

any other information that the SMCL administrator thinks necessary.

(4)

Subject to paragraph 54(4) of Schedule B1 to the 1986 Act, within five business days of sending out the statement in paragraph (1) above to the creditors, the SMCL administrator must send a copy of the statement to every member of the SMCL.

(5)

A notice under paragraph 54(4) of Schedule B1 to the 1986 Act must—

(a)

be advertised in such manner as the SMCL administrator thinks fit as soon as reasonably practicable after the SMCL administrator has sent the statement to the creditors; and

(b)

state—

(i)

that members may request in writing a copy of the statement of revised proposals; and

(ii)

the address to which to write.