Change 1 Article Choose an article Title and introductory text 1 Citation, commencement and extent 2 Application 3 Interpretation 4 Interpretation: “debt”; “liability” 5 Form of application 6 Proposed nuclear administrator’s statement and consent to act 7 Witness statement in support of application 8 Filing of application 9 Service of application 10 Notice to officers charged with distress or other legal process 11 The hearing 12 Notice of relevant licensee nuclear company administration order 13 Notification and advertisement of nuclear administrator’s appointment 14 Notice requiring statement of affairs 15 Statement of affairs: content 16 Statement of concurrence 17 Statement of affairs: filing, etc. 18 Statement of affairs: limited disclosure 19 Release from duty to submit statement of affairs; extension of time 20 Expenses of statement of affairs and statement of concurrence 21 Nuclear administrator’s proposals 22 Statement of pre-relevant-licensee-nuclear-company-administration costs 23 Ancillary provisions about delivery of nuclear administrator’s proposals 24 Limited disclosure: nuclear administrator’s proposals 25 Revision of the nuclear administrator’s proposals 26 Reports 27 Application 28 Creditors’ decisions 29 Creditors’ decisions for the nomination of an alternative liquidator 30 Decision making 31 Application 32 Venue and conduct of company meeting 33 Proxies and representatives 34 Remote attendance at meetings: request to specify a place 35 Action where person excluded 36 Indication to excluded person 37 Complaint by or in relation to excluded persons, etc. 38 Notice of meetings by advertisement only 39 Non-receipt of notice of meeting 40 Authority to dispose of property 41 Expenses 42 Priority of expenses of relevant licensee nuclear company administration 43 Pre-relevant-licensee-nuclear-company-administration costs 44 Proving a debt 45 Provable debts 46 Costs of proving 47 Nuclear administrator to allow inspection of proofs 48 Appointment of new nuclear administrator: proofs 49 Admission and rejection of proofs for dividend 50 Appeal against decision on proof 51 Withdrawal or variation of proof 52 Exclusion of proof by the court 53 Estimate of value of debt 54 Discounts 55 Mutual credits and set off 56 Debt in foreign currency 57 Payments of a periodical nature 58 Interest 59 Debt payable at future time 60 Voluntary surrender of security 61 Value of security 62 Surrender for non-disclosure 63 Redemption by nuclear administrator 64 Test of security’s value 65 Realisation of security by creditor 66 Distribution to creditors generally 67 Debts of insolvent relevant licensee nuclear company to rank equally 68 Supplementary provisions as to dividend 69 Notice of proposed distribution 70 Further contents of notice to creditors owed small debts, etc. 71 Sole or final dividend 72 Admission or rejection of proofs following last date for proving 73 Postponement or cancellation of dividend 74 Declaration of dividend 75 Notice of declaration of a dividend 76 Payments of dividends and related matters 77 Notice of no dividend, or no further dividend 78 Proof altered after payment of dividend 79 Secured creditors 80 Disqualification from dividend 81 Assignment of right to dividend 82 Adjustment where dividend paid before time 83 Division of unsold assets 84 Fixing of remuneration 85 Remuneration of new nuclear administrator 86 Interpretation: final progress reports, etc. 87 Application to court 88 Notification by nuclear administrator of court order 89 Moving from relevant licensee nuclear company administration to creditors’ voluntary liquidation 90 Moving from relevant licensee nuclear company administration to dissolution 91 Provision of information to the Secretary of State 92 Grounds for resignation 93 Notice of intention to resign 94 Notice of resignation to court under the 1986 Act, Schedule B1, paragraph 87(2) 95 Application to court to remove nuclear administrator from office 96 Notice of vacation of office when nuclear administrator ceases to be qualified to act 97 Nuclear administrator deceased 98 Application to replace 99 Appointment of replacement or additional nuclear administrator 100 Nuclear administrator’s duties on vacating office 101 Preliminary 102 Contents of application 103 Application under section 176A(5) of the 1986 Act to disapply section 176A of the 1986 Act 104 Notice of order under section 176A(5) of the 1986 Act 105 Filing and service of application 106 Hearings without notice 107 Hearing of application 108 Witness statements 109 Use of reports 110 Directions and adjournment 111 Enforcement of court orders 112 Orders enforcing compliance 113 Warrant under section 236 of the 1986 Act 114 Court file 115 Office copies of documents 116 Application and interpretation 117 Requirement to assess costs by the detailed procedure 118 Procedure where detailed assessment required 119 Costs paid otherwise than out of the assets of the relevant licensee nuclear company 120 Award of costs against nuclear administrator 121 Application for costs 122 Costs and expenses of witnesses 123 Final costs certificate 124 Introduction 125 Appointment of another person to act 126 Witness statement in support of application 127 Service of notices following appointment 128 Appeals and reviews 129 Procedure on appeal 130 Principal court rules and practice to apply 131 Performance of functions by the court 132 Rights of audience 133 Formal defects 134 Shorthand writers 135 Payment into court 136 Further information and disclosure 137 Court orders 138 Application and interpretation 139 Contents of application 140 Order for examination, etc. 141 Procedure for examination 142 Record of examination 143 Cost of proceedings under section 236 144 Application 145 Personal delivery of documents 146 Delivery of documents by post (or document exchange) 147 Delivery of documents to authorised recipients 148 Delivery of documents to joint nuclear administrators 149 Electronic delivery of documents 150 Electronic delivery of documents to the court 151 Electronic delivery of notices to enforcement officers, etc. 152 Electronic delivery by nuclear administrators 153 Use of website by nuclear administrator to deliver a particular document 154 General use of website to deliver documents 155 Proof of delivery of documents 156 Requirement for writing and form of documents 157 Authentication 158 Application 159 Service of relevant licensee nuclear company administration application 160 Service on joint nuclear administrators 161 Service of orders staying proceedings 162 Certificate of service 163 Contents of notices to be gazetted under the 1986 Act or these Rules 164 Omission of unobtainable information 165 The Gazette: general 166 Notices otherwise advertised under the 1986 Act or these Rules 167 Non-Gazette notices: other provisions 168 Application 169 Information to be contained in all documents delivered to the registrar 170 Documents relating to the office of nuclear administrators 171 Documents relating to other documents 172 Documents relating to court orders 173 Reports of meetings 174 Documents relating to other events 175 Documents of more than one type 176 Documents delivered to other persons at the same time 177 Confidentiality of documents: grounds for refusing inspection 178 Right to copies of documents 179 Charges for copies of documents 180 Right to list of creditors 181 Calculation of time periods 182 False claim of status as creditor, etc. 183 Punishment of offences 184 Review SCHEDULE Punishment of Offences under these Rules
What to do with it
As published
65 Realisation of security by creditor
If a creditor who has valued the creditor’s security subsequently realises it, whether or not at the instance of the nuclear administrator—
(a) the net amount realised must be treated in all respects, including in relation to any valuation in a proof, as an amended valuation made by the creditor, and
(b) the creditor may prove for the balance of the creditor’s debt.
Your wording
Your change, as a redline
65 Realisation of security by creditor
If a creditor who has valued the creditor’s security subsequently realises it, whether or not at the instance of the nuclear administrator—
(a) the net amount realised must be treated in all respects, including in relation to any valuation in a proof, as an amended valuation made by the creditor, and
(b) the creditor may prove for the balance of the creditor’s debt.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.