Schedule 16, paragraph 53

An initial creditors’ meeting to which an administrator’s proposals are presented shall consider them and may— approve them without modification, or approve them with modification to which the administrator consents. After the conclusion of an initial creditors’ meeting the administrator shall as soon as is reasonably practicable report any decision taken 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 (2).

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