| Commentary

139 Voting

| Commentary

139 Voting

In a decision procedure in relation to the administrator's proposals votes are calculated according to the amount of a creditor’s debt as at the date of entry into administration, deducting any amounts paid in respect of the debt after that date and any adjustment by way of set-off under the administration set-off rule, if that rule were applied at the date the votes were counted1. There are specific provisions for debts owed to:

  1. 139.1

        Secured creditors2; and

  2. 139.2

        Hire-purchase and similar creditors3.

Former provisions about the holders of bills of exchange and promissory notes have not been repeated4.

A creditor

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