• Chapter 7 Chapter 7 — Process of Administration

    • 48. Announcement of administrator's appointment

      (1) This Section applies where a person becomes the administrator of a Company.
      (2) As soon as is reasonably practicable the administrator shall —
      (a) send a notice of his appointment to the Company; and
      (b) publish a notice of his appointment on the Registrar's website or in an English language newspaper distributed in the United Arab Emirates and available in the Abu Dhabi Global Market.
      (3) As soon as is reasonably practicable the administrator shall —
      (a) obtain a list of the Company's creditors; and
      (b) send a notice of his appointment to each creditor of whose claim and address he is aware.
      (4) The administrator of the Company shall send a notice of his appointment to the Registrar before the end of the period of seven (7) days beginning with the date specified in subsection (6).
      (5) The administrator of the Company shall, as soon as reasonably practicable after the date specified in subsection (6), give notice of his appointment —
      (a) if a receiver or an administrative receiver has been appointed, to him;
      (b) if there is pending a petition for the winding-up of the Company, to the petitioner (and also to the provisional liquidator, if any);
      (c) to any enforcement officer who, to the knowledge of the administrator of the Company, is charged with execution or other legal process against the Company; and
      (d) to any person who, to the administrator's knowledge, has distrained against the Company or its property.
      (6) The date for the purpose of subsections (4) and (5) is —
      (a) in the case of an administrator of the Company appointed by administration order, the date of the order;
      (b) in the case of an administrator of the Company appointed under Section 21 (Power to appoint), the date on which he receives notice under Section 26(2) (Commencement of appointment); and
      (c) in the case of an administrator of the Company appointed under Section 29 (Power to appoint), the date on which he receives notice under Section 35(2) (Commencement of appointment).
      (7) The Court may direct that subsection (3)(b) or (5) —
      (a) shall not apply; or
      (b) shall apply with the substitution of a different period.
      (8) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with a requirement of this Section.

    • 49. Notification and advertisement of administrator's appointment

      (1) In addition to the standard contents, the notice under Section 48(5) (Announcement of administrator's appointment) must state —
      (a) that an administrator of the Company has been appointed;
      (b) the date of the appointment; and
      (c) the nature of the business of the Company.
      (2) Where, under a provision of this Part 1 (Administration), the administrator of a Company is required to send a notice of his appointment to any person other than the Registrar, he shall do so in the prescribed form.

    • 50. Notice requiring Statement of Affairs

      (1) As soon as reasonably practicable after his appointment, the administrator of a Company shall send notice in the prescribed form to each relevant person whom he determines appropriate requiring him or them to prepare and submit a statement of the Company's affairs.
      (2) The notice shall inform each of the relevant persons —
      (a) of the names and addresses of all others (if any) to whom the same notice has been sent;
      (b) of the time within which the statement must be delivered;
      (c) of the effect of Section 51(7) (Statement of Company's affairs); and
      (d) of the application to him, and to each other relevant person, of Section 255 (Duty to cooperate with Office-holder).
      (3) The administrator of a Company shall furnish each relevant person to whom he has sent notice in the prescribed form with the forms required for the preparation of the Statement of Affairs.

    • 51. Statement of Company's affairs

      (1) The statement of Company's affairs must —
      (a) be verified by a statement of truth by each relevant person in accordance with the Civil Procedure Rules;
      (b) be in the prescribed form, containing all the particulars required by that form;
      (c) give particulars of the Company's property, debts and liabilities;
      (d) give the names and addresses of the Company's creditors;
      (e) specify the security held by each creditor;
      (f) give the date on which each security was granted; and
      (g) contain such other information as may be prescribed.
      (2) In this Chapter "relevant person" means —
      (a) a person who is or has been an officer of the Company;
      (b) a person who took part in the formation of the Company during the period of one year ending with the date on which the Company enters administration;
      (c) a person employed by the Company during that period; and
      (d) a person who is or has been during that period an officer or employee of a Company which is or has been during that year an officer of the Company.
      (3) For the purpose of subsection (2) a reference to employment is a reference to employment through a contract of employment or a contract for services.
      (4) A person required to submit a Statement of Affairs must do so before the end of the period of eleven (11) days beginning with the day on which he receives notice of the requirement.
      (5) The administrator of a Company may —
      (a) revoke a requirement under Section 50(1) (Notice requiring Statement of Affairs); or
      (b) extend the period specified in subsection (4) (whether before or after expiry).
      (6) If the administrator of a Company refuses a request to act under subsection (5) —
      (a) the person whose request is refused may apply to the Court; and
      (b) the Court may take action of a kind specified in subsection (5).
      (7) A person commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with a requirement under Section 50(1) (Notice requiring Statement of Affairs).

    • 52. Verification and filing

      (1) The administrator of a Company may require any relevant person to submit a statement of concurrence in the prescribed form stating that he concurs in the Statement of Affairs. Where the administrator of a Company does so, he shall inform each person making the Statement of Affairs of that fact.
      (2) The Statement of Affairs shall be delivered by the relevant person or persons making the statement of truth, together with a copy, to the administrator of the Company. The relevant person or persons shall also deliver a copy of the Statement of Affairs to all those persons whom the administrator of the Company has required to make a statement of concurrence.
      (3) A person required to submit a statement of concurrence shall do so before the end of the period of five (5) business days (or such other period as the administrator of the Company may agree) beginning with the day on which the Statement of Affairs being concurred with is received by him.
      (4) A statement of concurrence may be qualified in respect of matters dealt with in the Statement of Affairs, where the maker of the statement of concurrence is not in agreement with the relevant person or persons, or he considers the Statement of Affairs to be erroneous or misleading, or he is without the direct knowledge necessary for concurring with it.
      (5) Every statement of concurrence shall be verified by a statement of truth and be delivered to the administrator of the Company by the person who makes it, together with a copy of it.
      (6) Subject to Section 53 (Limited disclosure), the administrator of a Company shall as soon as reasonably practicable send to the Registrar a copy of the Statement of Affairs and any statement of concurrence.

    • 53. Limited disclosure

      (1) Where the administrator of a Company thinks that it would prejudice the conduct of the administration or might reasonably be expected to lead to violence against any person for the whole or part of the statement of the Company's affairs to be disclosed, he may apply to the Court for an order of limited disclosure in respect of the statement, or any specified part of it.
      (2) The Court may, on such application, order that the statement or, as the case may be, the specified part of it, shall not be filed with the Registrar.
      (3) The administrator of a Company shall as soon as reasonably practicable send to the Registrar a copy of the order and the Statement of Affairs (to the extent provided by the order) and any statement of concurrence.
      (4) If a creditor seeks disclosure of a Statement of Affairs or a specified part of it in relation to which an order has been made under this Section, he may apply to the Court for an order that the administrator of a Company disclose it or a specified part of it. The application shall be supported by written evidence in the form of a witness statement.
      (5) The applicant shall give the administrator of a Company notice of his application at least three (3) business days before the hearing.
      (6) The Court may make any order for disclosure subject to any conditions as to confidentiality, duration, the scope of the order in the event of any change of circumstances, or other matters as it sees just.
      (7) If there is a material change in circumstances rendering the limit on disclosure or any part of it unnecessary, the administrator of a Company shall, as soon as reasonably practicable after the change, apply to the Court for the order or any part of it to be rescinded.
      (8) The administrator of a Company shall, as soon as reasonably practicable after the making of an order under subsection (7), file with the Registrar a copy of the Statement of Affairs to the extent provided by the order.
      (9) When the Statement of Affairs is filed in accordance with subsection (8), the administrator of a Company shall, where he has sent a statement of proposals under Section 56 (Administrator's proposals), provide the creditors with a copy of the Statement of Affairs as filed, or a summary thereof.
      (10) The provisions of the Civil Procedure Rules relating to disclosure and inspection of documents shall not apply to an application under this Section.

    • 54. Release from duty to submit statement of Affairs; extension of time

      (1) The power of the administrator of a Company under Section 51(5) (Statement of Company's affairs) to give a release from the obligation imposed by Section 50(1) (Notice requiring Statement of Affairs), or to grant an extension of time, may be exercised at his own discretion, or at the request of any relevant person.
      (2) A relevant person may, if he requests a release or extension of time and it is refused by the administrator of a Company, apply to the Court for it.
      (3) The Court may, if it thinks that no sufficient cause is shown for the application, dismiss it without a hearing but it shall not do so without giving the relevant person at least five (5) business days' notice, upon receipt of which the relevant person may request the Court to list the application for a without notice hearing. If the application is not dismissed the Court shall fix a venue for it to be heard, and give notice to the relevant person accordingly.
      (4) The relevant person shall, at least fourteen (14) days before the hearing, send to the administrator of the Company a notice stating the venue and accompanied by a copy of the application and of any evidence which he (the relevant person) intends to adduce in support of it.
      (5) The administrator of a Company may appear and be heard on the application and, whether or not he appears, he may file a written report of any matters which he considers ought to be drawn to the Court's attention.
      (6) If such a report is filed, a copy of it shall be sent by the administrator of the Company to the relevant person, not later than five (5) business days before the hearing.
      (7) Sealed copies of any order made on the application shall be sent by the Court to the relevant person and the administrator of the Company.
      (8) On any application under this Section the relevant person's costs shall be paid in any event by him and, unless the Court otherwise orders, no allowance towards them shall be made as an expense of the administration.

    • 55. Expense of Statement of Affairs

      (1) A relevant person making the Statement of Affairs of the Company or statement of concurrence shall be allowed, and paid by the administrator of the Company as an expense of the administration, any expenses incurred by the relevant person in so doing which the administrator of the Company considers reasonable.
      (2) Any decision by the administrator of a Company under this Section is subject to appeal to the Court.
      (3) Nothing in this Section relieves a relevant person from any obligation with respect to the preparation, verification and submission of the Statement of Affairs, or to the provision of information to the administrator of a Company.

    • 56. Administrator's proposals

      (1) The administrator of a Company shall make a statement setting out proposals for achieving the purpose of administration.
      (2) A statement under subsection (1) must, in particular —
      (a) deal with such matters as may be prescribed; and
      (b) where applicable, explain why the administrator of the Company thinks that the objective mentioned in Section 2(1)(a) or 2(1)(b) (Purpose of Administration) cannot be achieved.
      (3) Proposals under this Section may include —
      (a) a proposal for a compromise or arrangement to be sanctioned under Part 25 (Arrangements and Reconstructions) of the Companies Regulations 2015; or
      (b) a proposal for a Deed of Company Arrangement.
      (4) If the administrator of a Company proposes a Deed of Company Arrangement, the statement of his proposals shall include —
      (a) a statement that in his opinion it would be in the creditors' interest for the Company to execute a Deed of Company Arrangement;
      (b) the reasons for such opinion; and
      (c) details of the proposed Deed of Company Arrangement.
      (5) The administrator shall send a copy of the statement of his proposals —
      (a) to the Registrar;
      (b) to every creditor of the Company (other than an opted-out creditor) of whose claim and address he is aware; and
      (c) to every member of the Company of whose address he is aware.
      (6) The administrator shall comply with subsection (5) —
      (a) as soon as is reasonably practicable after the Company enters administration; and
      (b) in any event, before the end of the period of eight (8) weeks beginning with the day on which the Company enters administration.
      (7) The administrator shall be taken to comply with subsection (5)(c) if he publishes in the prescribed manner a notice undertaking to provide a copy of the statement of proposals free of charge to any member of the Company who applies in writing to a specified address.
      (8) An administrator commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with subsection (6).
      (9) A period specified in this Section may be varied in accordance with Section 151 (Extension of time limit).

    • 57. Administrator's statement of proposals

      (1) The statement of proposals of an administrator of a Company shall include, in addition to those matters set out in Section 56 (Administrator's proposals) —
      (a) details of the relevant Court reference number;
      (b) the full name, registered address, registered number and any other trading names of the Company;
      (c) details relating to his appointment as administrator, including the date of appointment and the person making the application or appointment and, where there are joint administrators, details of the matters set out in Section 145(2) (Joint administrators);
      (d) the names of the Directors and secretary of the Company and details of any shareholdings in the Company they may have;
      (e) an account of the circumstances giving rise to the appointment of the administrator of the Company;
      (f) if a statement of the Company's affairs has been submitted, a copy or summary of it, with the comments of the administrator of the Company, if any;
      (g) if an order limiting the disclosure of the Statement of Affairs (under Section 53 (Limited disclosure)) has been made, a statement of that fact, as well as —
      (i) details of who provided the Statement of Affairs;
      (ii) the date of the order of limited disclosure; and
      (iii) the details or a summary of the details that are not subject to that order;
      (h) if a full Statement of Affairs is not provided, the names, addresses and debts of the creditors including details of any security held;
      (i) if no Statement of Affairs has been submitted, details of the financial position of the Company at the latest practicable date (which must, unless the Court otherwise orders, be a date not earlier than that on which the Company entered administration), a list of the Company's creditors including their names, addresses and details of their debts, including any security held, and an explanation as to why there is no Statement of Affairs;
      (j) the basis upon which it is proposed that the remuneration of the administrator of the Company should be fixed under Section 109 (Fixing of an administrator's remuneration) and Schedule 12 (Remuneration);
      (k) a statement complying with subsection (3) of any pre-administration costs charged or incurred by the administrator of the Company or, to his knowledge, by any other person licensed as an insolvency practitioner;
      (l) a statement (which must comply with subsection (4) where that subsection applies) of how it is envisaged the purpose of the administration will be achieved and how it is proposed that the administration shall end;
      (m) where the administrator of the Company has decided not to call a meeting of creditors, his reasons;
      (n) the manner in which the affairs and business of the Company —
      (i) have, since the date of the appointment of the administrator of the Company, been managed and financed, including, where any property has been disposed of, the reasons for such disposals and the terms upon which such disposals were made; and
      (ii) will, if the proposals of the administrator of the Company are approved, continue to be managed and financed;
      (o) such information as may be recommended to be disclosed by guidance, statements or recommendations, which are approved, adopted or issued by any regulatory authority which has licensed the administrator; and
      (p) such other information (if any) as the administrator of the Company thinks necessary to enable creditors to decide whether or not to vote for the adoption of the proposals.
      (2) In this Part —
      (a) "pre-administration costs" are —
      (i) fees charged; and
      (ii) expenses incurred,
      by the administrator of a Company, or another person licensed as an insolvency practitioner, before the Company entered administration but with a view to its doing so; and
      (b) "unpaid pre-administration costs" are pre-administration costs which had not been paid when the Company entered administration.
      (3) A statement of pre-administration costs complies with this Section if it includes —
      (a) details of any agreement under which the fees were charged and expenses incurred, including the parties to the agreement and the date on which the agreement was made;
      (b) details of the work done for which the fees were charged and expenses incurred;
      (c) an explanation of why the work was done before the Company entered administration and how it would further the achievement of an objective in Section 2(1) (Purpose of administration) in accordance with Sections 2(2) to 2(4) (Purpose of administration);
      (d) a statement of the amount of the pre-administration costs, setting out separately —
      (i) the fees charged by the administrator of the Company;
      (ii) the expenses incurred by the administrator of the Company;
      (iii) the fees charged (to his knowledge) by any other person licensed as an insolvency practitioner (and, if more than one, by each separately); and
      (iv) the expenses incurred (to his knowledge) by any other person as an insolvency practitioner (and, if more than one, by each separately);
      (e) a statement of the amounts of pre-administration costs which have already been paid (set out separately as under paragraph (d));
      (f) the identity of the person who made the payment or, if more than one person made the payment, the identity of each such person and of the amounts paid by each such person set out separately as under paragraph (d);
      (g) a statement of the amounts of unpaid pre-administration costs (set out separately as under paragraph (d)); and
      (h) a statement that the payment of unpaid pre-administration costs as an expense of the administration is —
      (i) subject to approval under Section 108 (Pre-administration costs); and
      (ii) not part of the proposals subject to approval under Section 64 (Business and result of initial creditors' meeting).
      (4) This subsection applies where it is proposed that the administration will end by the Company moving to a creditors' voluntary liquidation; and in that case, the statement required by subsection (1)(l) must include —
      (a) details of the proposed liquidator; and
      (b) a statement that the creditors may, before the proposals are approved, nominate a different person as liquidator in accordance with Section 122(6)(a) (Moving to creditors' voluntary liquidation) and Section 123(2)(b) (Moving to creditors' voluntary liquidation).
      (5) Where the Court orders, upon an application by the administrator of a Company under Section 151 (Extension of time limit), an extension of the period of time in Section 56(6) (Administrator's proposals), the administrator of the Company must as soon as reasonably practicable after the making of the order —
      (a) notify in the prescribed form every creditor of the Company and every member of the Company of whose address (in either case) the administrator of the Company is aware; and
      (b) send a copy of the notification to the Registrar.
      (6) Where the administrator of a Company has made a statement under Section 61(6) (Requirement for initial creditors' meeting) and has not called an initial meeting of creditors, the proposals sent out under this Section and Section 56 (Administrator's proposals) will (if no meeting has been requisitioned under Section 61(7) (Requirement for initial creditors' meeting) within the period set out in Section 62 (Meeting requisitioned by creditors)) be deemed to have been approved by the creditors.
      (7) Where proposals are deemed under subsection (6) to have been approved, the administrator of a Company must, as soon as reasonably practicable after expiry of the period set out in Section 62 (Meeting requisitioned by creditors) give notice of the date on which they were deemed to have been approved to the Registrar, the Court and the creditors; and a copy of the proposals must be attached to the notice given to the Court and to creditors who have not previously received them.
      (8) Where the administrator of a Company intends to apply to the Court (or file a notice under Section 115(2) (Termination of administration where objective achieved)) for the administration to cease at a time before he has sent a statement of his proposals to creditors in accordance with Section 56 (Administrator's proposals), he shall, at least seven (7) business days before he makes such an application (or files such a notice), send to all creditors of the Company (so far as he is aware of their addresses) a report containing the information required by subsections (1)(a) to (o) of this Section.
      (9) Where the administrator of a Company wishes to publish a notice under Section 56(7) (Administrator's proposals), the notice shall be advertised in such manner as he thinks fit.
      (10) In addition to the standard contents, the notice under subsection (9) must state —
      (a) that members can write for a copy of the statement of proposals for achieving the purpose of administration; and
      (b) the address to which to write.
      (11) This notice must be published as soon as reasonably practicable after the administrator of the Company sends his statement of proposals to the Company's creditors but no later than eight (8) weeks (or such other period as may be agreed by the creditors or as the Court may order) from the date that the Company entered administration.

    • 58. Limited disclosure of statement of proposals

      (1) Where the administrator of a Company thinks that it would prejudice the conduct of the administration or might reasonably be expected to lead to violence against any person for any of the matters specified in Section 57(1)(h) and 57(1)(i) (Administrator's statement of proposals) to be disclosed, the administrator of the Company may apply to the Court for an order of limited disclosure in respect of any specified part of the statement under this Section.
      (2) The Court may, on such application, order that some or all of the specified part of the statement must not be sent to the Registrar or to creditors or members of the Company as otherwise required by Section 56(5) (Administrator's proposals).
      (3) The administrator of a Company must as soon as reasonably practicable send to the persons specified in Section 56(5) (Administrator's proposals) the statement under Section 56 (Administrator's proposals) (to the extent provided by the order) and an indication of the nature of the matter in relation to which the order was made.
      (4) The administrator of the Company must also send a copy of the order to the Registrar.
      (5) A creditor who seeks disclosure of a part of a statement under Section 56 (Administrator's proposals) in relation to which an order has been made under this Section may apply to the Court for an order that the administrator of the Company disclose it. The application must be supported by written evidence in the form of a witness statement.
      (6) The applicant must give the administrator of the Company notice of the application at least three (3) business days before the hearing.
      (7) The Court may make any order for disclosure subject to any conditions as to confidentiality, duration, the scope of the order in the event of any change of circumstances, or other matters as it sees just.
      (8) If there is a material change in circumstances rendering the limit on disclosure or any part of it unnecessary, the administrator of the Company must, as soon as reasonably practicable after the change, apply to the Court for the order or any part of it to be rescinded.
      (9) The administrator of a Company must, as soon as reasonably practicable after the making of an order under subsection (8), send to the persons specified in Section 56(5) (Administrator's proposals) a copy of the statement under Section 56 (Administrator's proposals) to the extent provided by the order.
      (10) The provisions of the Civil Procedure Rules relating to disclosure and inspection of documents do not apply to an application under this Section.

    • 59. Creditors' meetings

      In this Part 1 (Administration) "creditors' meeting" means a meeting of creditors of a Company summoned by the administrator of the Company in accordance with Schedule 6 (Meetings and Correspondence).

    • 60. Creditors' meetings generally

      Creditors' meetings shall be conducted in accordance with Schedule 6 (Meetings and Correspondence).

    • 61. Requirement for initial creditors' meeting

      (1) Each copy of an administrator's statement of proposals sent to a creditor under Section 56(5)(b) (Administrator's proposals) must be accompanied by an invitation to a creditors' meeting (an "initial creditors' meeting").
      (2) The date set for an initial creditors' meeting must be —
      (a) as soon as is reasonably practicable after the Company enters administration; and
      (b) in any event, within the period of ten (10) weeks beginning with the date on which the Company enters administration.
      (3) An administrator of the Company shall present a copy of his statement of proposals to an initial creditors' meeting.
      (4) A period specified in this Section may be varied in accordance with Section 151 (Extension of time limit).
      (5) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with a requirement of this Section.
      (6) Subsection (1) shall not apply where the statement of proposals states that the administrator of the Company thinks —
      (a) that the Company has sufficient property to enable each creditor of the Company to be paid in full;
      (b) that the Company has insufficient property to enable a distribution to be made to unsecured creditors; or
      (c) that neither of the objectives specified in Section 2(1)(a) and (b) (Purpose of administration) can be achieved.
      (7) But the administrator of a Company shall summon an initial creditors' meeting if it is requested by creditors of the Company whose debts amount to at least ten (10)% of the total debts of the Company.
      (8) A meeting requested under subsection (7) must be summoned for a date in the prescribed period.

    • 62. Meeting requisitioned by creditors

      The request for a creditors' meeting under Section 61(7) (Requirement for initial creditors' meeting) or Section 71(1) (Further creditors' meetings) or a meeting of creditors under Section 90 (Meeting of creditors to consider variation or termination) shall be in the prescribed form and be delivered in accordance with paragraph 13 (Requisition of Meetings) of Schedule 6 (Meetings and Correspondence). A request for an initial creditors' meeting must be made within eight (8) business days of the date on which the statement of proposals of the administrator of the Company is sent out.

    • 63. Correspondence

      (1) Anything which is required or permitted by or under this Part to be done at a creditors' meeting or a meeting of creditors may be done by correspondence between the administrator and creditors —
      (a) in accordance with these Regulations (including Schedule 6 (Meetings and Correspondence)); and
      (b) subject to any prescribed condition.
      (2) A reference in this Part to anything done at a creditors' meeting or a meeting of creditors includes a reference to anything done in the course of correspondence in reliance on subsection (1).
      (3) A requirement to hold a creditors' meeting or a meeting of creditors is satisfied by conducting correspondence in accordance with this Section.

    • 64. Business and result of initial creditors' meeting

      (1) An initial creditors' meeting to which an administrator's proposals are presented shall consider them and may —
      (a) approve them without modification; or
      (b) approve them with modification to which the administrator of the Company consents.
      (2) Subject to subsection (1), the initial creditors' meeting may resolve that the Company execute a Deed of Company Arrangement specified in the resolution (even if it differs from the proposed Deed of Company Arrangement, details of which were included in the statement of proposals of the administrator of the Company).
      (3) After the conclusion of an initial creditors' meeting the administrator of the Company shall as soon as is reasonably practicable report any decision taken to —
      (a) the Court;
      (b) the Registrar; and
      (c) such other persons as may be prescribed.
      (4) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with subsection (3).

    • 65. Revision of administrator's proposals

      (1) This Section applies where —
      (a) the proposals of an administrator of a Company have been approved (with or without modification) at an initial creditors' meeting;
      (b) he proposes a revision to the proposals; and
      (c) he thinks that the proposed revision is substantial.
      (2) The administrator of the Company shall —
      (a) summon a creditors' meeting;
      (b) send a statement in the prescribed form of the proposed revision with the notice of the meeting sent to each creditor who is not an opted-out creditor;
      (c) send a copy of the statement, within five (5) business days of sending out the statement in accordance with paragraph (b), to each member of the Company of whose address he is aware; and
      (d) present a copy of the statement to the meeting.
      (3) The administrator of a Company shall be taken to have complied with subsection (2)(c) if he publishes (in such a manner as he thinks fit) a notice undertaking to provide a copy of the statement free of charge to any member of the Company who applies in writing to a specified address.
      (4) A notice under subsection (3) must be published —
      (a) in the prescribed manner; and
      (b) within the prescribed period.
      (5) A creditors' meeting to which a proposed revision is presented shall consider it and may —
      (a) approve it without modification; or
      (b) approve it with modification to which the administrator of the Company consents.
      (6) Subject to subsection (5), the creditors' meeting may resolve that the Company execute a Deed of Company Arrangement specified in the resolution (even if it differs from the proposed Deed of Company Arrangement, details of which were included in the statement of revised proposals of the administrator of the Company).
      (7) After the conclusion of a creditors' meeting the administrator of the Company shall as soon as is reasonably practicable report any decision taken to —
      (a) the Court;
      (b) the Registrar; and
      (c) such other persons as may be prescribed.
      (8) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with subsection (7).

    • 66. Contents of the administrator's revised proposals

      (1) The statement of revised proposals shall include —
      (a) the relevant Court reference number;
      (b) the full name, registered address, registered number and any other trading names of the Company;
      (c) details relating to his appointment as administrator of the Company, including the date of appointment and the person making the administration application or appointment;
      (d) the names of the Directors and secretary of the Company and details of any shareholdings in the Company they may have;
      (e) a summary of the initial proposals and the reason(s) for proposing a revision;
      (f) details of the proposed revision including details of the assessment (by the administrator of the Company) of the likely impact of the proposed revision upon creditors generally or upon each class of creditors (as the case may be);
      (g) if the proposed revision includes a proposal for a Deed of Company Arrangement, the matters described at Section 56(4) (Administrator's proposals);
      (h) where a proposed revision relates to the ending of the administration by a creditors' voluntary liquidation and the nomination of a person to be the proposed liquidator of the Company —
      (i) details of the proposed liquidator; and
      (ii) a statement that the creditors may, before the proposals are approved, nominate a different person as liquidator in accordance with Section 122(6)(a) (Moving to creditors' voluntary liquidation) and Section 123(2)(b) (Moving to creditors' voluntary liquidation); and
      (i) any other information that the administrator of the Company thinks necessary to enable creditors to decide whether or not to vote for the proposed revisions.

    • 67. Failure to obtain approval of administrator's proposals

      (1) This Section applies where an administrator of a Company reports to the Court that —
      (a) an initial creditors' meeting has failed to approve his proposals presented to it; or
      (b) a creditors' meeting has failed to approve a revision of his proposals presented to it.
      (2) The Court may —
      (a) provide that the appointment of an administrator of a Company shall cease to have effect from a specified time;
      (b) adjourn the hearing conditionally or unconditionally;
      (c) make an interim order;
      (d) make an order on a petition for winding-up suspended by virtue of Section 42(1)(b) (Dismissal of pending winding-up petition); and/or
      (e) make any other order (including an order making consequential provision) that the Court thinks appropriate.

    • 68. Notice to creditors

      (1) As soon as reasonably practicable after the conclusion of a creditors' meeting to consider his proposals or revised proposals, the administrator of a Company shall —
      (a) send notice in the prescribed form of the result of the meeting to every creditor and to every other person who received a copy of the original proposals;
      (b) attach a copy of the proposals considered at the meeting to the notice sent to each creditor who did not receive notice of the meeting but of whose claim the administrator of the Company has subsequently become aware; and
      (c) file with the Court a copy of the proposals considered at the meeting and notice of the result of the meeting.

    • 69. Reports to creditors

      (1) "Progress report" means a report which includes —
      (a) details of the relevant Court reference number;
      (b) full details of the Company's name, address of registered office and registered number;
      (c) full details of the name, address and date of appointment of the administrator of the Company and name and address of appointor, including any changes in Office-holder, and, in the case of joint administrators of a Company, their functions as set out in the statement made for the purposes of Section 145(2) (Joint administrators);
      (d) details of any extensions to the initial period of appointment;
      (e) details of the basis fixed for the remuneration of the administrator of the Company under Section 109 (Fixing of administrator's remuneration) and Schedule 12 (Remuneration) (or if not fixed at the date of the report, the steps taken during the period of the report to fix it);
      (f) if the basis of remuneration has been fixed, a statement of —
      (i) the remuneration charged by the administrator of the Company during the period of the report (subject to subsection (3)); and
      (ii) where the report is the first to be made after the basis has been fixed, the remuneration charged by the administrator of the Company during the periods covered by the previous reports (subject to subsection (3)), together with a description of the things done by the administrator of the Company during those periods in respect of which the remuneration was charged,
      irrespective in either case of whether payment was made in respect of that remuneration during the period of the report;
      (g) a statement of the expenses incurred by the administrator of the Company during the period of the report, irrespective of whether payment was made in respect of them during that period;
      (h) details of progress during the period of the report, including a receipts and payments account (as detailed in subsection (2));
      (i) details of any assets that remain to be realised;
      (j) a statement of the creditors' right to request information under Section 70 (Creditors' request for further information) and their right to challenge the remuneration and expenses of the administrator of the Company under paragraph 9 of Schedule 12 (Remuneration); and
      (k) any other relevant information for the creditors.
      (2) A receipts and payments account must be in the form of an abstract showing receipts and payments during the period of the report.
      (3) Where the basis for the remuneration is a set amount under Section 109 (Fixing of an administrator's remuneration) and Schedule 12 (Remuneration), it may be shown as that amount without any apportionment to the period of the report.
      (4) Where the administrator of a Company has made a statement of pre-administration costs under Section 57(1)(k) (Administrator's Statement of Proposals)
      (a) if they are approved under Section 108 (Pre-administration costs), the first progress report after the approval must include a statement setting out the date of the approval and the amounts approved;
      (b) each successive report, so long as any of the costs remain unapproved, must include a statement either —
      (i) of any steps taken to get approval; or
      (ii) that the administrator of the Company has decided, or (as the case may be) another insolvency practitioner entitled to seek approval has told the administrator of the Company of that insolvency practitioner's decision, not to seek approval.
      (5) The progress report must, except where subsection (6) or (7) applies, cover the period of six (6) months commencing on the date on which the Company entered administration and every subsequent period of six (6) months.
      (6) The period to be covered by a progress report ends on the date when an administrator of a Company ceases to act, and the period to be covered by each subsequent progress report is each successive period of six (6) months beginning immediately after that date (subject to the further application of this subsection when another administrator of the Company ceases to act).
      (7) The sending of a progress report to creditors under Section 118 (Application for extension of administration) also satisfies subsection (5) or (6) in respect of the period covered by that report; and the period to be covered by each subsequent progress report under this Section is each successive period of six (6) months beginning with the end of the period covered by the report under Section 118 (Application for extension of administration).
      (8) The administrator of a Company must, within one (1) month of the end of the period covered by the report, send —
      (a) a copy to the creditors attached to the prescribed form; and
      (b) a copy to the Registrar,
      but this subsection does not apply when the period covered by the report is that of a final progress report under Section 111 (Final progress reports).
      (9) The Court may, on the application of the administrator of a Company, extend the period of one (1) month mentioned in subsection (8), or make such other order in respect of the content of the report as it thinks just.
      (10) If the administrator of a Company makes default in complying with this Section, he commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.

    • 70. Creditors' request for further information

      (1) If —
      (a) within twenty-one (21) days of receipt of a progress report under Section 69 (Reports to creditors) —
      (i) a secured creditor; or
      (ii) an unsecured creditor with the concurrence of at least 5% in value of the unsecured creditors (including the creditor in question); or
      (b) with the permission of the Court upon an application made within that period of twenty-one (21) days, any unsecured creditor,
      makes a request in writing to the administrator of the Company for further information about remuneration or expenses (other than pre-administration costs) set out in a statement required by Section 69(1)(f) and (g) (Reports to creditors), the administrator of the Company must, within fourteen (14) days of receipt of the request, comply with subsection (2).
      (2) The administrator of a Company complies with subsection (1) by either —
      (a) providing all of the information asked for; or
      (b) so far as the administrator of the Company considers that —
      (i) the time or cost of preparation of the information would be excessive;
      (ii) disclosure of the information would be prejudicial to the conduct of the administration or might reasonably be expected to lead to violence against any person; or
      (iii) the administrator of the Company is subject to an obligation of confidentiality in respect of the information,
      giving reasons for not providing all of the information.
      (3) Any creditor, who need not be the same as the creditor who requested further information under subsection (1), may apply to the Court within twenty-one (21) days of —
      (a) the giving by the administrator of the Company of reasons for not providing all of the information asked for; or
      (b) the expiry of the fourteen (14) days provided for in subsection (1),
      and the Court may make such order as it thinks just.
      (4) Without prejudice to the generality of subsection (3), the order of the Court under that subsection may extend the period of eight (8) weeks provided for in paragraph 9(3) (Creditors' or members' claim that remuneration is, or other expenses are, excessive) of Schedule 12 (Remuneration) by such further period as the Court thinks just.

    • 71. Further creditors' meetings

      (1) The administrator of a Company shall summon a creditors' meeting if —
      (a) it is requested in the prescribed manner by creditors of the Company whose debts amount to at least ten (10)% of the total debts of the Company; or
      (b) he is directed by the Court to summon a creditors' meeting.
      (2) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to summon a creditors' meeting as required by this Section.

    • 72. Creditors' committee

      (1) A creditors' meeting may establish a creditors' committee.
      (2) If such a creditors' committee is established —
      (a) the relevant provisions of Schedule 7 (Creditors' Committees) shall apply; and
      (b) the creditors' committee may, on giving not less than seven (7) days' notice, require the administrator of a Company to attend before it at any reasonable time and furnish it with such information relating to the carrying out by him of his functions as it may reasonably require.