Companies Act 2014 section 695

Passing resolutions

Section 695 sets out how resolutions are passed at meetings of creditors and contributories during a company's winding up.

• A resolution at a creditors' meeting passes when a majority both by number of creditors and by value of their claims vote in favour
• A resolution at a contributories' meeting passes when a majority both by number and by value vote in favour, with value determined by the voting rights set out in the company's constitution
• Only those present in person or by proxy and actually voting are counted for both types of meeting
• These rules do not apply to certain specific resolutions dealt with elsewhere in the Act (sections 588(6), 637(3), 668(5) and 668(6))