Part 1 Company Insolvency
Small Business, Enterprise and Employment Act 2015 (2015 c 26) | Legislation

SCHEDULE 9 Abolition of Requirements to Hold Meetings; Opted-out Creditors

Section 126

Part 1 Company Insolvency

Introductory

1

The Insolvency Act 1986 is amended in accordance with this Part of this Schedule.

Company voluntary arrangements

2

In section 2(2) (nominee's report on company's proposal), for paragraphs (aa) and (b) substitute—

“(b)     whether, in his opinion, the proposal should be considered by a meeting of the company and by the company's creditors, and

(c)     if in his opinion it should, the date on which, and time and place at which, he proposes a meeting of the company should be held.â€

3

(1)     Section 3 (summoning of meetings) is amended as follows.

(2)     In subsection (1)—

(a)     for the words from “that†to “summoned†substitute “under section 2(2) that the proposal should be considered by a meeting of the company and by the company's creditorsâ€;

(b)     for the words from “directs)†to the end substitute “directs)—

(a)     summon a meeting of the company to consider the proposal for the time, date and place proposed in the report, and

(b)     seek a decision from the company's creditors as to whether they approve the proposal.â€

(3)

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