Continuing my series of observations on the implications of the new Rules, I have just finished working through a simple question – should I give creditors anything more than the minimum notice on s.100 decisions?
The simple answer is “no”; the old SIP 8 requirement to issue the notices to members and creditors at the same time has been removed and so, certainly, the SIP committee doesn’t think so. But there are other related issues such as –
Q. Can one use a portal to deliver the statement of affairs and SIP 6 documents? A – No to the first, yes to the second.
Q. Can one can safely issue the notice of the meeting in the minimum period (five business days) but leave the statement of affairs until two days later? A – arguably not advisable.
Q. When should I issue the Gazette notice? A – tricky.
Q. Are you sure the RPBs will agree with you? A – No, but I think the arguments I have put forward make enough sense to rely upon, at least until there is any new guidance.
For a more detailed discussion of the pro’s and con’s, you can read my advisory note on the subject, here.