The following Restructuring & Insolvency guidance note Produced in partnership with South Square and BDO LLP provides comprehensive and up to date legal information covering:
The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 came into effect on 6 April 2017. With that saw the introduction of a deemed consent procedure and in the alternative, a creditors decision procedure as the default mechanisms for insolvency practitioners to engage with creditors, rather than holding physical meetings.
The rules governing these procedures can be found in IR 2016, SI 2016/1024, rr 15.7 and 15.8. General rules relating to the decision-making process can be found in IR 2016, SI 2016/1024, r 15. It is still possible for creditors to request a meeting if they reject the deemed consent or decision-making procedure put forward by the insolvency practitioner. To do so requires 10% by value in creditors, 10% by number in creditors or ten creditors to request a meeting. In those circumstances, the rules regarding physical meetings can be found in IR 2016, SI 2016/1024, r 15.6. The rules regarding proxies therefore remain relevant for physical meetings.
For further reading on the new decision procedures, see Practice Note: The deemed consent procedure, decision-making procedure, and meetings—the position under the Insolvency (England and Wales) Rules 2016 and for details of the changes, including the application of the transitory provisions, please see Practice Note: The Insolvency (England and Wales) Rules 20
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