122 Abolition of requirements to hold meetings: company insolvency
Small Business, Enterprise and Employment Act 2015 (2015 c 26) | Legislation

Position of Creditors

122  Abolition of requirements to hold meetings: company insolvency

(1)     The Insolvency Act 1986 is amended as follows.

(2)     After section 246ZD (as inserted by section 118) insert—

“Decisions by creditors and contributories
246ZE Decisions by creditors and contributories: general

(1)     This section applies where, for the purposes of this Group of Parts, a person (“P”) seeks a decision about any matter from a company's creditors or contributories.

(2)     The decision may be made by any qualifying decision procedure P thinks fit, except that it may not be made by a creditors' meeting or (as the case may be) a contributories' meeting unless subsection (3) applies.

(3)     This subsection applies if at least the minimum number of creditors or (as the case may be) contributories make a request to P in writing that the decision be made by a creditors' meeting or (as the case may be) a contributories' meeting.

(4)     If subsection (3) applies P must summon a creditors' meeting or (as the case may be) a contributories' meeting.

(5)     Subsection (2) is subject to any provision of this Act, the rules or any other legislation, or any order of the court—

(a)     requiring

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