(1)

A person is not entitled to vote as a creditor at a meeting of creditors unless:

(a)

his or her debt or claim has been admitted wholly or in part by the liquidator or administrator of a company under administration or of a deed of company arrangement; or

(b)

he or she has lodged, with the chairperson of the meeting or with the person named in the notice convening the meeting as the person who may receive particulars of the debt or claim:

(i)

those particulars; or

(ii)

if required — a formal proof of the debt or claim.

(2)

A creditor must not vote in respect of:

(a)

an unliquidated debt; or

(b)

a contingent debt; or

(c)

an unliquidated or a contingent claim; or

(d)

a debt the value of which is not established;

unless a just estimate of its value has been made.

(3)

A creditor must not vote in respect of:

(a)

a debt or a claim on or secured by:

(i)

a bill of exchange; or

(ii)

a promissory note; or

(iii)

any other negotiable instrument or security;

held by the creditor unless he or she is willing:

(b)

to treat the liability to him or her on the instrument or security of a prescribed person as a security in his or her hands; or

(c)

to estimate its value; and

(d)

for the purposes of voting (but not for the purposes of dividend), to deduct it from his or her debt or claim.

(4)

For paragraph 5.6.23 (3) (b), a prescribed person is a person whose liability is mentioned in paragraph 5.6.23 (3) (a) who:

(a)

is liable to the company directly; or

(b)

may be liable to the company on the default of another person with respect to the liability;

at the time of voting, but who is not:

(c)

an insolvent under administration; or

(d)

a person against whom a winding up order is in force.