Corporate Insolvency and Governance Bill (HC Bill 128)

(e) Rule 4.070;

(f) Rule 4.073;

(g) 5Rule 4.077.

24 Rule 4.061 has effect as if for paragraphs (1) to (6) there were substituted—

“(1) For the purposes of Rules 4.061 to 4.077 the directors summoning a
meeting of pre-moratorium creditors under Article 13CC of the
Order are referred to (collectively) as “the convener”.

(2) 10When a venue for such a meeting has been fixed, notice of it must be
given by the convener to every pre-moratorium creditor who is
known to the convener.

(3) Notice of the meeting must be given at least 5 days before the date
fixed for it, and must specify the purpose of the meeting.

(4) 15The notice shall state that proofs and (if applicable) proxies shall be
lodged at a specified place not later than 12.00 hours on the business
day before the date fixed for the meeting in order for pre-
moratorium creditors to be entitled to vote at the meeting.”

25 Rule 4.062 has effect as if for paragraphs (2) to (5) there were substituted—

“(2) 20The convener must nominate a person to act as chairman.”

26 Rule 4.065 has effect as if, in paragraph (2), for “21 days” there were
substituted “5 days”.

27 Rule 4.068 has effect as if for it there were substituted—

““4.068. The expenses of summoning and holding a meeting of pre-
25moratorium creditors at the instance of the directors of the company
are to be paid by the company.”

28 Rule 4.070 has effect as if for it (and its heading) there were substituted—

““Requisite majorities

(1) A decision to consent to a revised end date for a moratorium
30under Article 13CC of the Order is made if, of those voting—

(a) a majority (in value) of the pre-moratorium creditors who
are secured creditors vote in favour of the proposed
decision, and

(b) a majority (in value) of the pre-moratorium creditors who
35are unsecured creditors vote in favour of the proposed
decision.

(2) But a decision to consent to a revised end date for a moratorium
under Article 13CC of the Order is not made if, of those voting,
either—

(a) 40a majority of the pre-moratorium creditors who are
unconnected secured creditors vote against the proposed
end date, or