31. Opting out
Past version: effective from 14/06/2015 - 13/06/2015
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(1) Any provision of the Regulations which requires an Office-holder of a Company or a Deed of Company Arrangement to deliver, furnish, send or otherwise give a notice (which for this purpose includes any document or information in any other form) to creditors of a Company does not apply, in the circumstances prescribed in the Regulations, in relation to opted-out creditors, other than —
(a) in relation to a notice of a distribution or proposed distribution to creditors; or
(b) if any order of the Court requires a notice to be given to all creditors (or all creditors of a particular category).
(2) Except as provided by the Regulations, a creditor may participate and vote in a meeting of creditors or other voting procedure described in Schedule 6 (Meetings and Correspondence) even though, by virtue of being an opted-out creditor, the creditor does not receive notice of it.
(3) The Office-holder must, in the first communication to creditors, ask them by a notice in writing if they wish to opt out of receiving further documents relating to the Insolvency Proceedings.
(4) Such a notice must be sent to all the creditors.
(5) The notice must identify the Insolvency Proceedings and the Office-holder and provide contact details for the Office-holder and state that —
(a) the creditor is entitled to receive documents about the Insolvency Proceedings;
(b) the creditor may opt out of receiving further documents about the Insolvency Proceedings except any which relate to the payment of a distribution to creditors;
(c) opting out will not affect the creditor's entitlement to receive distributions should any be paid to creditors;
(d) in order to opt out the creditor must deliver to the Office-holder a notice in writing identifying the Insolvency Proceedings and the creditor which must be authenticated by the creditor; and
(e) the creditor has the right to revoke the opt out at any time by delivering to the Office-holder a further notice which identifies the Insolvency Proceedings and the Office-holder and —
(i) states that the creditor wishes to revoke the opt out previously given from receiving further documents about the Insolvency Proceedings; and
(ii) is authenticated by the creditor.
(6) A notice opting out and a revocation of a notice opting out each have effect from the date of delivery of the notice to the Office-holder.
(7) Where a creditor has opted out, then any requirement of these Regulations for an Office-holder to deliver documents to all creditors will not extend to that creditor except as described in sub-paragraph (1)(a) or (b).
(8) Any percentage of creditors which these Regulations require for any purpose is to be calculated solely by reference to those creditors who have not opted out at the time in question.