Insolvency Rules 1986

JurisdictionUK Non-devolved
CitationSI 1986/1925

1986 No. 1925

INSOLVENCY

COMPANIES,

INDIVIDUALS, ENGLAND AND WALES

The Insolvency Rules 1986

10thNovember 1986

1stDecember 1986

29thDecember 1986

ARRANGEMENT OF RULES

THE FIRST GROUP OF PARTS

COMPANY INSOLVENCY; COMPANIES WINDING UP

INTRODUCTORY PROVISIONS

0.1. Citation and commencement.

0.2. Construction of principal references.

0.3. Extent.

PART 1

COMPANY VOLUNTARY ARRANGEMENTS

CHAPTER 1

PRELIMINARY

1.1. Scope of this Part; interpretation.

CHAPTER 2

PROPOSAL BY DIRECTORS

1.2. Preparation of proposal.

1.3. Contents of proposal.

1.4. Notice to intended nominee.

1.5. Statement of affairs.

1.6. Additional disclosure for assistance of nominee.

1.7. Nominee's report on the proposal.

1.8. Replacement of nominee.

1.9. Summoning of meetings under s.3.

CHAPTER 3

PROPOSAL BY ADMINISTRATOR OR LIQUIDATOR (HIMSELF THE NOMINEE)

1.10. Preparation of proposal.

1.11. Summoning of meetings under s.3.

CHAPTER 4

PROPOSAL BY ADMINISTRATOR OR LIQUIDATOR (ANOTHER INSOLVENCY PRACTITIONER THE NOMINEE)

1.12. Preparation of proposal and notice to nominee.

CHAPTER 5

PROCEEDINGS ON A PROPOSAL MADE BY THE DIRECTORS, OR BY THE ADMINISTRATOR, OR BY THE LIQUIDATOR

SECTION A: MEETINGS OF COMPANY'S CREDITORS AND MEMBERS

1.13. Summoning of meetings.

1.14. The chairman at meetings.

1.15. The chairman as proxy-holder.

1.16. Attendance by company officers.

SECTION B: VOTING RIGHTS AND MAJORITIES

1.17. Voting rights (creditors).

1.18. Voting rights (members).

1.19. Requisite majorities (creditors).

1.20. Requisite majorities (members).

1.21. Proceedings to obtain agreement on the proposal.

SECTION C: IMPLEMENTATION OF THE ARRANGEMENT

1.22. Resolutions to follow approval.

1.23. Hand-over of property etc. to supervisor.

1.24. Report of meetings.

1.25. Revocation or suspension of the arrangement.

1.26. Supervisor's accounts and reports.

1.27. Production of accounts and records to Secretary of State.

1.28. Fees, costs, charges and expenses.

1.29. Completion of the arrangement.

CHAPTER 6

GENERAL

1.30. False representations, etc.

PART 2

ADMINISTRATION PROCEDURE

CHAPTER 1

APPLICATION FOR, AND MAKING OF, THE ORDER

2.1. Affidavit to support petition.

2.2. Independent report on company's affairs.

2.3. Contents of affidavit.

2.4. Form of petition.

2.5. Filing of petition.

2.6. Service of petition.

2.7. Manner in which service to be effected.

2.8. Proof of service.

2.9. The hearing.

2.10. Notice and advertisement of administration order.

CHAPTER 2

STATEMENT OF AFFAIRS AND PROPOSALS TO CREDITORS

2.11. Notice requiring statement of affairs.

2.12. Verification and filing.

2.13. Limited disclosure.

2.14. Release from duty to submit statement of affairs; extension of time.

2.15. Expenses of statement of affairs.

2.16. Statement to be annexed to proposals.

2.17. Notice of proposals to creditors.

CHAPTER 3

CREDITORS' AND COMPANY MEETINGS

SECTION A: CREDITORS' MEETINGS

2.18. Meeting to consider administrator's proposals.

2.19. Creditors' meetings generally.

2.20. The chairman at meetings.

2.21. Meeting requisitioned by creditors.

2.22. Entitlement to vote.

2.23. Admission and rejection of claims.

2.24. Secured creditors.

2.25. Holders of negotiable instruments.

2.26. Retention of title creditors.

2.27. Hire-purchase, conditional sale and chattel leasing agreements.

2.28. Resolutions and minutes.

2.29. Administrator's report.

2.30. Notices to creditors.

SECTION B: COMPANY MEETINGS

2.31. Venue and conduct of company meeting.

CHAPTER 4

THE CREDITORS' COMMITTEE

2.32. Constitution of committee.

2.33. Formalities of establishment.

2.34. Functions and meetings of the committee.

2.35. The chairman at meetings.

2.36. Quorum.

2.37. Committee-members' representatives.

2.38. Resignation.

2.39. Termination of membership.

2.40. Removal.

2.41. Vacancies.

2.42. Procedure at meetings.

2.43. Resolutions by post.

2.44. Information from administrator.

2.45. Expenses of members.

2.46. Members' dealings with the company.

CHAPTER 5

THE ADMINISTRATOR

2.47. Fixing of remuneration.

2.48. Recourse to meeting of creditors.

2.49. Recourse to the court.

2.50. Creditors' claim that remuneration is excessive.

2.51. Disposal of charged property, etc.

2.52. Abstract of receipts and payments.

2.53. Resignation.

2.54. Administrator deceased.

2.55. Order filling vacancy.

CHAPTER 6

VAT BAD DEBT RELIEF

2.56. Issue of certificate of insolvency.

2.57. Notice to creditors.

2.58. Preservation of certificate with company's records.

PART 3

ADMINISTRATIVE RECEIVERSHIP

CHAPTER 1

APPOINTMENT OF ADMINISTRATIVE RECEIVER

3.1. Acceptance of appointment.

3.2. Notice and advertisement of appointment.

CHAPTER 2

STATEMENT OF AFFAIRS AND REPORT TO CREDITORS

3.3. Notice requiring statement of affairs.

3.4. Verification and filing.

3.5. Limited disclosure.

3.6. Release from duty to submit statement of affairs; extension of time.

3.7. Expenses of statement of affairs.

3.8. Report to creditors.

CHAPTER 3

CREDITORS' MEETING

3.9. Procedure for summoning meeting under s.48(2).

3.10. The chairman at the meeting.

3.11. Voting rights.

3.12. Admission and rejection of claims.

3.13. Quorum.

3.14. Adjournment.

3.15. Resolutions and minutes.

CHAPTER 4

THE CREDITORS' COMMITTEE

3.16. Constitution of committee.

3.17. Formalities of establishment.

3.18. Functions and meetings of the committee.

3.19. The chairman at meetings.

3.20. Quorum.

3.21. Committee-members' representatives.

3.22. Resignation.

3.23. Termination of membership.

3.24. Removal.

3.25. Vacancies.

3.26. Procedure at meetings.

3.27. Resolutions by post.

3.28. Information from receiver.

3.29. Expenses of members.

3.30. Members' dealings with the company.

CHAPTER 5

THE ADMINISTRATIVE RECEIVER (MISCELLANEOUS)

3.31. Disposal of charged property.

3.32. Abstract of receipts and payments.

3.33. Resignation.

3.34. Receiver deceased.

3.35. Vacation of office.

CHAPTER 6

VAT BAD DEBT RELIEF

3.36. Issue of certificate of insolvency.

3.37. Notice to creditors.

3.38. Preservation of certificate with company's records.

PART 4

COMPANIES WINDING UP

CHAPTER 1

THE SCHEME OF THIS PART OF THE RULES

4.1. Voluntary winding up; winding up by the court.

4.2. Winding up by the court: the various forms of petition.

4.3. Time-limits.

CHAPTER 2

THE STATUTORY DEMAND

(NO CVL APPLICATION)

4.4. Preliminary.

4.5. Form and content of statutory demand.

4.6. Information to be given in statutory demand.

CHAPTER 3

PETITION TO WINDING-UP ORDER

(NO CVL APPLICATION)

(NO APPLICATION TO PETITION BY CONTRIBUTORIES)

4.7. Presentation and filing of petition.

4.8. Service of petition.

4.9. Proof of service.

4.10. Other persons to receive copies of petition.

4.11. Advertisement of petition.

4.12. Verification of petition.

4.13. Persons entitled to copy of petition.

4.14. Certificate of compliance.

4.15. Leave for petitioner to withdraw.

4.16. Notice of appearance.

4.17. List of appearances.

4.18. Affidavit in opposition.

4.19. Substitution of creditor or contributory for petitioner.

4.20. Notice and settling of winding-up order.

4.21. Transmission and advertisement of order.

CHAPTER 4

PETITION BY CONTRIBUTORIES

(NO CVL APPLICATION)

4.22. Presentation and service of petition.

4.23. Return of petition.

4.24. Application of Rules in Chapter 3.

CHAPTER 5

PROVISIONAL LIQUIDATOR

(NO CVL APPLICATION)

4.25. Appointment of provisional liquidator.

4.26. Order of appointment.

4.27. Deposit.

4.28. Security.

4.29. Failure to give or keep up security.

4.30. Remuneration.

4.31. Termination of appointment.

CHAPTER 6

STATEMENT OF AFFAIRS AND OTHER INFORMATION

4.32. Notice requiring statement of affairs.

4.33. Verification and filing.

4.34-CVL. Statement of affairs.

4.35. Limited disclosure.

4.36. Release from duty to submit statement of affairs; extension of time.

4.37. Expenses of statement of affairs.

4.38-CVL. Expenses of statement of affairs.

4.39. Submission of accounts.

4.40-CVL. Submission of accounts.

4.41-CVL. Expenses of preparing accounts.

4.42. Further disclosure.

CHAPTER 7

INFORMATION TO CREDITORS AND CONTRIBUTORIES

4.43. Reports by official receiver.

4.44. Meaning of "creditors".

4.45. Report where statement of affairs lodged.

4.46. Statement of affairs dispensed with.

4.47. General rule as to reporting.

4.48. Winding up stayed.

4.49-CVL. Information to creditors and contributories.

CHAPTER 8

MEETINGS OF CREDITORS AND CONTRIBUTORIES

SECTION A: RULES OF GENERAL APPLICATION

4.50. First meetings.

4.51-CVL. First meeting of creditors.

4.52. Business at first meetings in the liquidation.

4.53-CVL. Business at meeting under s.95 or 98.

4.54. General power to call meetings.

4.55. The chairman at meetings.

4.56-CVL. The chairman at meetings.

4.57. Requisitioned meetings.

4.58. Attendance at meetings of company's personnel.

4.59. Notice of meetings by advertisement only.

4.60. Venue.

4.61. Expenses of summoning meetings.

4.62-CVL. Expenses of meeting under s.98.

4.63. Resolutions.

4.64. Chairman of meeting as proxy-holder.

4.65. Suspension and adjournment.

4.66. Quorum.

4.67. Entitlement to vote (creditors).

4.68-CVL. Chairman's discretion to allow vote.

4.69. Entitlement to vote (contributories).

4.70. Admission and rejection of proof (creditors' meeting).

4.71. Record of proceedings.

SECTION B: WINDING UP OF RECOGNISED BANKS, ETC.

4.72. Additional provisions as regards certain meetings.

CHAPTER 9

PROOF OF DEBTS IN A LIQUIDATION

SECTION A: PROCEDURE FOR PROVING

4.73. Meaning of "prove".

4.74. Supply of forms.

4.75. Contents of proof.

4.76-CVL. Particulars of creditor's claim.

4.77. Claim established by affidavit.

4.78. Cost of proving.

4.79. Liquidator to allow inspection of proofs.

4.80. Transmission of proofs to liquidator.

4.81. New liquidator appointed.

4.82. Admission and rejection of proofs for dividend.

4.83. Appeal against decision on proof.

4.84. Withdrawal or variation of proof.

4.85. Expunging of proof by the court.

SECTION B: QUANTIFICATION OF CLAIM

4.86. Estimate of quantum.

4.87. Negotiable instruments, etc.

4.88. Secured creditors.

4.89. Discounts.

4.90. Mutual credit and set-off.

4.91. Debt in...

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