75‑115 When a resolution is passed at a 75‑115 When a resolution is passed at a meeting of creditors after a poll is demanded

75‑115 When a resolution is passed at a meeting of creditors after a poll is demanded

(1) A resolution is passed at a meeting of creditors of a regulated debtor if: (a) a majority of the creditors voting (whether in person, by proxy or attorney) vote in favour of the resolution; and (b) a majority in value of the creditors voting (whether in person, by proxy or attorney) vote in favour of the resolution. (2) A resolution is not passed at a meeting of creditors of a regulated debtor if: (a) a majority of the creditors voting (whether in person, by proxy or attorney) vote against the resolution; and (b) a majority in value of the creditors voting (whether in person, by proxy or attorney) vote against the resolution. (3) If no result is reached under subsection (1) or (2) and the resolution does not relate to the remuneration or the removal of the trustee: (a) the trustee may exercise a casting vote in favour of the resolution, in which case the resolution is passed; or (b) the trustee may exercise a casting vote against the resolution, in which case the resolution is not passed; or (c) if the trustee does not exercise a casting vote, the resolution is not passed. (4) If no result is reached under subsection (1) or (2) and the resolution relates to remuneration, the resolution is not passed. (5) If no result is reached under subsection (1) or (2) and the resolution relates to the removal of the trustee: (a) the trustee may exercise a casting vote in favour of the resolution, in which case the resolution is passed; or (b) if paragraph (a) does not apply—the resolution is not passed. (6) If no result is reached under subsection (1) or (2), the trustee must: (a) inform the meeting of the trustee’s reasons for exercising, or not exercising, as the case may be, a casting vote under subsection (3) or (5); and (b) include those reasons in the minutes of the meeting.