Schedule B1, paragraph 52

Paragraph 51(1) shall not apply where the statement of proposals states that the administrator thinks— that the company has sufficient property to enable each creditor of the company to be paid in full, that the company has insufficient property to enable a distribution to be made to unsecured creditors other than by virtue of section 176A(2)(a), or that neither of the objectives specified in paragraph 3(1)(a) and (b) can be achieved. But the administrator shall seek a decision from the company's creditors as to whether they approve the proposals set out in the statement made under paragraph 49(1) if requested to do so — by creditors of the company whose debts amount to at least 10% of the total debts of the company, in the prescribed manner, and in the prescribed period. Where a decision is sought by virtue of sub-paragraph (2) the initial decision date (as defined in paragraph 51(3)) must be within the prescribed period. The period prescribed under sub-paragraph (3) may be varied in accordance with paragraph 107.

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Source: legislation.gov.uk · retrieved 2026-09-04