Schedule B1, paragraph 54

This paragraph applies where— an administrator’s proposals have been approved (with or without modification) by the company's creditors, the administrator proposes a revision to the proposals, and the administrator thinks that the proposed revision is substantial. The administrator shall— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . send a statement in the prescribed form of the proposed revision ... to each creditor who is not an opted-out creditor, send a copy of the statement, within the prescribed period, to each member of the company of whose address he is aware, and seek a decision from the company's creditors as to whether they approve the proposed revision. The administrator shall be taken to have complied with sub-paragraph (2)(c) if he publishes 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. A notice under sub-paragraph (3) must be published— in the prescribed manner, and within the prescribed period. The company's creditors may approve the proposed revision— without modification, or with modification to which the administrator consents. The administrator shall as soon as is reasonably practicable report any decision taken by the company's creditors to— the court, the registrar of companies, and such other persons as may be prescribed. An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (6).

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