75‑265 Requirements relating to meetings75‑265 Requirements relating to meetings to remove trustee of a regulated debtor’s estate

75‑265 Requirements relating to meetings to remove trustee of a regulated debtor’s estate

(1) This section applies if the creditors, by resolution at a meeting, propose to: (a) remove the trustee (the outgoing trustee) of a regulated debtor’s estate; and (b) appoint another person (the incoming trustee) as the trustee of the regulated debtor’s estate; under section 90‑35 of the Insolvency Practice Schedule (Bankruptcy). Information required before the meeting (2) The incoming trustee must prepare a written declaration: (a) stating whether any of the following: (i) the incoming trustee; (ii) if the incoming trustee’s firm (if any) is a partnership—a partner in that partnership; (iii) if the incoming trustee’s firm (if any) is a body corporate—that body corporate or an associate of that body corporate; has, or has had within the preceding 24 months, a relationship with: (iv) the regulated debtor; or (v) an associate of the regulated debtor; or (vi) a former trustee of the regulated debtor; or (vii) the creditor who nominated the incoming trustee for appointment as the incoming trustee; and (b) if so, stating the incoming trustee’s reasons for believing that none of those relationships result in the trustee having a conflict of interest or duty. (3) The declaration must be given to the creditors at the same time as notice of the meeting to appoint the incoming trustee is given. Documents to be tabled at meeting (4) The following documents must be tabled at the meeting at which the incoming trustee is proposed to be appointed: (a) the declaration; (b) a written consent to act as trustee signed by the incoming trustee. Right to speak at meeting (5) The outgoing trustee and the incoming trustee have a right to speak at the meeting at which the trustee is proposed to be removed or appointed, as the case may be.