28. Calculation of voting rights

(1) Votes are calculated according to the amount of each creditor's claim —
(a) in an administration, as at the date on which the Company entered administration, less —
(i) any payments that have been made to the creditor after that date in respect of the claim; and
(ii) any adjustment by way of set-off in accordance with paragraph 24 (Administration: mutual dealings and set-off) of Part 3 (Creditors' claims) of Schedule 5 (Proofs and distribution) —
(aa) as if that paragraph were applied on the date on which the votes are counted if notice of declaration of a dividend has not been delivered under paragraph 36 (Notice of declaration of a dividend) of Part 4 (Distributions to creditors) of Schedule 5 (Proofs and distribution); or
(bb) which has actually been made in calculating the dividend to be paid to the creditor if notice of declaration of a dividend has been delivered under paragraph 36 (Notice of declaration of a dividend) of Part 4 (Distributions to creditors) of Schedule 5 (Proofs and distribution);
(b) in an administrative receivership, as at the date of the appointment of the receiver, less any payments that have been made to the creditor after that date in respect of the claim;
(c) in a creditors' voluntary winding-up or a compulsory winding-up, as set out in the creditor's proof to the extent that it has been admitted; or
(d) under a Deed of Company Arrangement, as at the date of the relevant meeting or in the case of a resolution by correspondence, as at the deadline specified for voting.
(2) A creditor may vote in respect of a debt which is for an unliquidated amount or the value of which is not ascertained if the chairman or the Office-holder or Appointed Person, as the case may be, decides to put upon it an estimated minimum value for the purpose of entitlement to vote and admits the claim for that purpose.
(3) A creditor may not vote in respect of any claim or part of a claim where the claim or part is secured, except where the vote is cast —
(a) in an administration, in respect of —
(i) the balance (if any) of the debt after deduction of the value of the security as estimated by the creditor; or
(ii) the full value of the debt without deduction of the value of the security in a case where the administrator has made a statement under Section 61(6) (Requirement for initial creditors' meeting) and an initial creditors' meeting has been requisitioned under Section 61(7) (Requirement for initial creditors' meeting); or
(b) in an administrative receivership, a creditors' voluntary winding-up or a compulsory winding-up, in respect of the balance (if any) of the debt after deduction of the value of the security as estimated by the creditor; or
(c) under a Deed of Company Arrangement where it is so permitted.
(4) No vote may be cast by virtue of a claim more than once on any resolution.
(5) Sub-paragraph (4) does not prevent a creditor from —
(a) voting in respect of less than the full value of an entitlement to vote; or
(b) casting a vote one way in respect of part of the value of an entitlement and another way in respect of some or all of the balance of that value.