Insolvency (Scotland) Rules 1986
| Jurisdiction | UK Non-devolved |
| Citation | SI 1986/1915 |
| Year | 1986 |
1986 No. 1915 (S. 139)
INSOLVENCY
COMPANIES
The Insolvency (Scotland) Rules 198610thNovember 1986
26thNovember 1986
29thDecember 1986
ARRANGEMENT OF THE RULES
INTRODUCTORY PROVISIONS
0.1. Citation and commencement
0.2. Interpretation
0.3. Application
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 section 3.
CHAPTER 3
PROPOSAL BY ADMINISTRATOR OR LIQUIDATOR WHERE HE IS THE NOMINEE
1.10. Preparation of proposal.
1.11. Summoning of meetings under section 3.
CHAPTER 4
PROPOSAL BY ADMINISTRATOR OR LIQUIDATOR WHERE ANOTHER INSOLVENCY PRACTITIONER IS THE NOMINEE
1.12. Preparation of proposal and notice to nominee.
CHAPTER 5
MEETINGS
1.13. General.
1.14. Summoning of meetings.
1.15. Attendance by company officers.
1.16. Adjournments.
1.17. Report of meetings.
CHAPTER 6
IMPLEMENTATION OF THE VOLUNTARY ARRANGEMENT
1.18. Resolutions to follow approval.
1.19. Hand-over of property, etc. to supervisor.
1.20. Revocation or suspension of the arrangement.
1.21. Supervisor's accounts and reports.
1.22. Fees, costs, charges and expenses.
1.23. Completion of the arrangement.
1.24. False representations, etc.
PART 2
ADMINISTRATION PROCEDURE
CHAPTER 1
APPLICATION FOR, AND MAKING OF, THE ORDER
2.1. Independent report on company's affairs.
2.2. Notice of petition.
2.3. Notice and advertisement of administration order.
CHAPTER 2
STATEMENT OF AFFAIRS AND PROPOSALS TO CREDITORS
2.4. Notice requiring statement of affairs.
2.5. Form of the statement of affairs.
2.6. Expenses of statement of affairs.
2.7. Statement to be annexed to proposals.
2.8. Notices of proposals to members.
CHAPTER 3
MEETINGS AND NOTICES
2.9. General
2.10. Meeting to consider administrator's proposals.
2.11. Retention of title creditors.
2.12. Hire purchase, conditional sale and hiring agreements.
2.13. Report of meetings.
2.14. Notices to creditors.
CHAPTER 4
THE CREDITORS' COMMITTEE
2.15. Application of provisions in Part 3 (Receivers).
CHAPTER 5
THE ADMINISTRATOR
2.16. Remuneration.
2.17. Abstract of receipts and payments.
2.18. Resignation from office.
2.19. Administrator deceased.
2.20. Order filling vacancy.
CHAPTER 6
VAT BAD DEBT RELIEF
2.21. Application of provisions in Part 3 (Receivers).
PART 3
RECEIVERS
CHAPTER 1
APPOINTMENT
3.1. Acceptance of appointment.
CHAPTER 2
STATEMENT OF AFFAIRS
3.2. Notice requiring statement of affairs.
3.3. Expenses of statement of affairs.
CHAPTER 3
THE CREDITORS' COMMITTEE
3.4. Constitution of committee.
3.5. Functions of the committee.
3.6. Application of provisions relating to liquidation committee.
3.7. Information from receiver.
3.8. Members' dealings with the company.
CHAPTER 4
MISCELLANEOUS
3.9. Abstract of receipts and payments.
3.10. Receiver deceased.
3.11. Vacation of office.
CHAPTER 5
VAT BAD DEBT RELIEF
3.12. Issue of certificate of insolvency.
3.13. Notice to creditors.
3.14. Preservation of certificate with company's records.
PART 4
WINDING UP BY THE COURT
CHAPTER 1
PROVISIONAL LIQUIDATOR
4.1. Appointment of provisional liquidator.
4.2. Order of appointment.
4.3. Caution.
4.4. Failure to find or to maintain caution.
4.5. Remuneration.
4.6. Termination of appointment.
CHAPTER 2
STATEMENT OF AFFAIRS
4.7. Notice requiring statement of affairs.
4.8. Form of the statement of affairs.
4.9. Expenses of statement of affairs.
CHAPTER 3
INFORMATION
4.10. Information to creditors and contributories.
4.11. Information to registrar of companies.
CHAPTER 4
MEETINGS OF CREDITORS AND CONTRIBUTORIES
4.12. First meetings in the liquidation.
4.13. Other meetings.
4.14. Attendance at meetings of company's personnel.
CHAPTER 5
CLAIMS IN LIQUIDATION
4.15. Submission of claims.
4.16. Application of the Bankruptcy Act.
4.17. Claims in foreign currency.
CHAPTER 6
THE LIQUIDATOR
SECTION A: APPOINTMENT AND FUNCTIONS OF LIQUIDATOR
4.18. Appointment of liquidator by the court.
4.19. Appointment by creditors or contributories.
4.20. Authentication of liquidator's appointment.
4.21. Hand-over of assets to liquidator.
4.22. Taking possession and realisation of the company's assets.
SECTION B: REMOVAL AND RESIGNATION; VACATION OF OFFICE
4.23. Summoning of meeting for removal of liquidator.
4.24. Procedure on liquidator's removal.
4.25. Release of liquidator on removal.
4.26. Removal of liquidator by the court.
4.27. Advertisement of removal.
4.28. Resignation of liquidator.
4.29. Action following acceptance of liquidator's resignation.
4.30. Leave to resign granted by the Court.
SECTION C: RELEASE ON COMPLETION OF WINDING UP
4.31. Final meeting.
SECTION D: OUTLAYS AND REMUNERATION
4.32. Determination of amount of outlays and remuneration.
4.33. Recourse of liquidator to meeting of creditors.
4.34. Recourse to the court.
4.35. Creditors' claim that remuneration is excessive.
SECTION E: SUPPLEMENTARY PROVISIONS
4.36. Liquidator deceased.
4.37. Loss of qualification as insolvency practitioner.
4.38. Power of court to set aside certain transactions.
4.39. Rule against solicitation.
CHAPTER 7
THE LIQUIDATION COMMITTEE
4.40. Preliminary.
4.41. Membership of committee.
4.42. Formalities of establishment.
4.43. Committee established by contributories.
4.44. Obligations of liquidator to committee.
4.45. Meetings of the committee.
4.46. The chairman at meetings.
4.47. Quorum.
4.48. Committee members' representatives.
4.49. Resignation.
4.50. Termination of membership.
4.51. Removal.
4.52. Vacancy (creditor members).
4.53. Vacancy (contributory members).
4.54. Voting rights and resolutions.
4.55. Resolutions by post.
4.56. Liquidator's reports.
4.57. Expenses of members, etc.
4.58. Dealings by committee members and others.
4.59. Composition of committee when creditors paid in full.
CHAPTER 8
THE LIQUIDATION COMMITTEE WHERE WINDING UP FOLLOWS IMMEDIATELY ON ADMINISTRATION
4.60. Preliminary.
4.61. Continuation of creditors' committee.
4.62. Membership of committee.
4.63. Liquidator's certificate.
4.64. Obligations of liquidator to committee.
4.65. Application of Chapter 7.
CHAPTER 9
DISTRIBUTION OF COMPANY'S ASSETS BY LIQUIDATOR
4.66. Order of priority in distribution.
4.67. Order of priority of expenses of liquidation.
4.68. Application of the Bankruptcy Act.
CHAPTER 10
SPECIAL MANAGER
4.69. Appointment and remuneration.
4.70. Caution.
4.71. Failure to find or to maintain caution.
4.72. Accounting.
4.73. Termination of appointment.
CHAPTER 11
PUBLIC EXAMINATION OF COMPANY OFFICERS AND OTHERS
4.74. Notice of order for public examination.
4.75. Order on request by creditors or contributories.
CHAPTER 12
MISCELLANEOUS
4.76. Limitation.
4.77. Dissolution after winding up.
CHAPTER 13
COMPANY WITH PROHIBITED NAME
4.78. Preliminary.
4.79. Application for leave under section 216(3).
4.80. First excepted case.
4.81. Second excepted case.
4.82. Third excepted case.
PART 5
CREDITORS' VOLUNTARY WINDING UP
5. Application of Part 4.
PART 6
MEMBERS' VOLUNTARY WINDING UP
6. Application of Part 4.
PART 7
PROVISIONS OF GENERAL APPLICATION
CHAPTER 1
MEETINGS
7.1. Scope of Chapter 1.
7.2. Summoning of meetings.
7.3. Notice of meeting.
7.4. Additional notices in certain cases.
7.5. Chairman of meetings.
7.6. Meetings requisitioned.
7.7. Quorum.
7.8. Adjournment.
7.9. Entitlement to vote (creditors).
7.10. Entitlement to vote (members and contributories).
7.11. Chairman of meeting as proxy holder.
7.12. Resolutions.
7.13. Report of meeting.
CHAPTER 2
PROXIES AND COMPANY REPRESENTATION
7.14. Definition of "proxy".
7.15. Form of proxy.
7.16. Use of proxy at meeting.
7.17. Retention of proxies.
7.18. Right of inspection.
7.19. Proxy-holder with financial interest.
7.20. Representation of corporations.
CHAPTER 3
MISCELLANEOUS
7.21. Giving of notices, etc.
7.22. Sending by post.
7.23. Certificate of giving notice, etc.
7.24. Validity of proceedings.
7.25. Evidence of proceedings at meetings.
7.26. Right to list of creditors and copy documents.
7.27. Confidentiality of documents.
7.28. Insolvency practitioner's caution.
7.29. Punishment of offences.
7.30. Forms for use in insolvency proceedings.
7.31. Fees, expenses, etc.
7.32. Power of court to cure defects in procedure.
7.33. Sederunt book.
SCHEDULE 1
Rule 5
Modifications of Part 4 in relation to creditors' voluntary winding up.
SCHEDULE 2
Rule 6
Application of Part 4 in relation to members' voluntary winding up.
SCHEDULE 3
Rule 7.4(6)
Deposit Protection Board's voting rights.
SCHEDULE 4
Rule 7.29
Punishment of Offences under the Rules.
SCHEDULE 5
Rule 7.30
Index of Forms
Part 1: Company voluntary arrangements
Form 1.1 (Scot) Notice of report of a meeting approving voluntary
arrangement.
Form 1.2 (Scot) Notice of order of revocation or suspension of voluntary
arrangement.
Form 1.3 (Scot) Notice of voluntary arrangement supervisor's abstract of
receipts and payments.
Form 1.4 (Scot) Notice of completion of voluntary arrangement.
Part 2: Administration Procedure
Form 2.1 (Scot) Notice of petition for administration order.
Form 2.2 (Scot) Notice of administration order.
Form 2.3 (Scot) Notice of dismissal of petition for administration order.
Form 2.4 (Scot) Notice of discharge of administration order.
Form 2.5 (Scot) Notice requiring submission of administration statement of
affairs.
Form 2.6 (Scot) Statement of affairs.
Form 2.7 (Scot) Notice of statement of administrator's proposals.
Form 2.8 (Scot) Notice of result of meeting of creditors.
Form 2.9 (Scot) Administrator's abstract of receipts and payments.
Form 2.10 (Scot) Statement of administrator's proposed revisions and notice
of meeting to consider them.
Form 2.11 (Scot) Notice of order to deal with secured property.
Form 2.12 (Scot) Notice of...To continue reading
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