171. Meeting of creditors
Past version: effective from 14/06/2015 - 13/06/2015
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(1) The administrative receiver shall, within three (3) months after his appointment, send to the Registrar, to any liquidator of the Company and to every creditor of the Company (other than an opted-out creditor) of whose claim and address he is aware, a report detailing —
(a) the events leading up to his appointment, so far as he is aware of them;
(b) the disposal or the proposed disposal by him of any property of the Company and the carrying on or proposed carrying on by him of any business of the Company;
(c) the amounts of principal and interest payable to the secured creditors by whom or on whose behalf he was appointed;
(d) the amount (if any) likely to be available for the payment of other creditors; and
(e) a summary of any Statement of Affairs submitted to him.
(2) The administrative receiver shall summon a meeting of creditors of the Company in accordance with Schedule 6 (Meetings and Correspondence) to consider the contents of his report referred to in subsection (1) and such meeting of creditors shall be conducted in accordance with Schedule 6 (Meetings and Correspondence).
(3) An administrative receiver who makes default in complying with this Section, without reasonable excuse, commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule.
(4) Anything which is required or permitted by or under this Part to be done at a meeting of creditors may be done by correspondence between the administrative receiver and creditors —
(a) in accordance with these Regulations (including Schedule 6 (Meetings and Correspondence)); and
(b) subject to any prescribed condition.
(5) A reference in this Part to anything done at a meeting of creditors includes a reference to anything done in the course of correspondence in reliance on subsection (4).
(6) A requirement to hold a meeting of creditors is satisfied by conducting correspondence in accordance with subsection (4).