### Bankruptcy Rules 《破產規則》

122R. Requisite majorities
(1) Subject as follows, at the creditors’ meeting for any resolution to pass approving any proposal or modification there must be a majority in excess of three-quarters in value of the creditors present in person or by proxy and voting on the resolution.
(2) The same applies in respect of any other resolution proposed at the meeting, but substituting one-half for three-quarters.
(3) In the following cases there is to be left out of account a creditor’s vote in respect of any claim or part of a claim—
(a) where written notice of the claim was not given, either at the meeting or before it, to the chairman or the nominee;
(b) where the claim or part thereof is secured;
(c) where the claim is in respect of a debt wholly or partly on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing—
(i) to treat the liability to him on the bill or note of every person who is liable on it antecentently to the debtor, and against whom a bankruptcy order has not been made (or, in the case of a company, which has not gone into liquidation), as a security in his hands; and
(ii) to estimate the value of the security and (for the purpose of entitlement to vote, but not of any distribution under the arrangement) to deduct it from his claim.
(4) Any resolution is invalid if those voting against it include more than half in value of the creditors, counting in these latter only those—
(a) to whom notice of the meeting was sent;
(b) whose votes are not to be left out of account under subrule (3); and (L.N. 150 of 2014)
(c) who are not, to the best of the chairman’s belief, associates of the debtor.
(5) It is for the chairman of the meeting to decide whether under this rule—
(a) a vote is to be left out of account in accordance with subrule (3); or
(b) a person is an associate of the debtor for the purposes of subrule (4)(c),
and in relation to the second of these 2 cases the chairman is entitled to rely on the information provided by the debtor’s statement of affairs or otherwise in accordance with this rule and rules 122A to 122Q and 122S to 122ZP. (L.N. 150 of 2014)
(6) If the chairman uses a proxy contrary to rule 122P, his vote with that proxy does not count towards any majority under this rule.
(7) Rule 122Q(5) to (9) applies as regards an appeal against the decision of the chairman under this rule.
(L.N. 77 of 1998)

### Bankruptcy Rules 《破產規則》

122S. Proceedings to obtain agreement on proposal
(1) On the day on which the creditors’ meeting is held, it may from time to time be adjourned.
(2) If on that day the requisite majority for the approval of the voluntary arrangement (with or without modifications) has not been obtained, the chairman may, and shall if it is so resolved, adjourn the meeting for not more than 14 days.
(3) If there are subsequently further adjournments, the final adjournment shall not be to a day later than 14 days after that on which the meeting was originally held.
(4) If the meeting is adjourned under subrule (2), notice of the fact shall be given by the nominee forthwith to the court. (L.N. 150 of 2014)
(5) If, following any final adjournment of the meeting the proposal (with or without modifications) is not agreed to, it is deemed rejected.
(L.N. 77 of 1998)

122T. Resolutions after voluntary arrangement approved
(1) If the voluntary arrangement is approved (with or without modifications), a resolution may be taken by the creditors, where 2 or more persons are appointed to act as nominee, on the question whether acts to be done in connection with the arrangement may be done by any one of them, or must be done by both or all of them.
(2) If at the creditors’ meeting a voluntary arrangement is approved and a creditor wishes to move a resolution to replace the nominee with another person he must, at or before the meeting, produce to the chairman that person’s—
(a) written consent to act (unless he is present and then and there signifies his consent); and
(b) written confirmation that he is experienced in insolvency matters.
(L.N. 77 of 1998)

### Bankruptcy Rules 《破產規則》

122U. Hand-over of property, etc. to nominee
(1) Forthwith after the approval of the voluntary arrangement, the debtor in Case 2, and the trustee in Case 1, shall do all that is required for putting the nominee into possession of the assets included in the arrangement. (L.N. 123 of 2007)
(2) On taking possession of the assets in Case 1, the nominee shall discharge any balance due to the Official Receiver and (if other) the trustee by way of remuneration or on account of—
(a) fees, costs, charges and expenses properly incurred and payable under the Ordinance or these rules; and
(b) any advances made in respect of the insolvent estate, together with interest on such advances at the rate specified under section 49 of the High Court Ordinance (Cap. 4) at the date of the bankruptcy order. (L.N. 123 of 2007)
(3) Alternatively in Case 1, the nominee must, before taking possession, give the Official Receiver or the trustee a written undertaking to discharge any such balance out of the first realization of assets.
(4) The Official Receiver and (if other) the trustee has in Case 1 a charge on the assets included in the voluntary arrangement in respect of any sums due as above until they have been discharged, subject only to the deduction from realizations by the nominee of the proper costs and expenses of realization.
(5) Any sums due to the Official Receiver take priority over those due to a trustee.
(6) The nominee shall from time to time out of the realization of assets discharge all guarantees properly given by the Official Receiver or the trustee for the benefit of the estate, and shall pay all their expenses.
(L.N. 77 of 1998)