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In the context of a Qualifying Decision Procedure under section 246 Insolvency Act 1986, a ‘virtual meeting’ means ‘a meeting where persons who are not invited to be physically present together may participate in the meeting including communicating directly with all the other participants in the meeting and voting (either directly or via a proxy-holder)’.
Among other things, the notice to creditors must explain how to access the virtual meeting, and include details of any access code or password. The notice must also contain a statement that the meeting may be suspended or adjourned by the chair.
[See ‘Qualifying Decision Procedure’, ‘Insolvency Act’ and ‘Proxy holder’.]
The word ‘void’ is used in a legal context to describe something that never (legally) happened. Effectively, something that is void was void from the beginning, or ‘ab initio’.
Under sections 127 (Liquidation) and 284 (Bankruptcy) Insolvency Act 1986 any dispositions from the insolvent estate are void. They will never have legally existed, so are void from the beginning.
[See ‘Ab Initio’,‘Liquidation’, ‘Bankruptcy’ and ‘Insolvency Act’.]
In a legal context, something that is ‘voidable’, means that it is valid, but capable of being voided.
Under section 177 Companies Act 2006 if a director of a company, or their connected party, has an interest in a contract they must disclose it to the board meeting. If they fail to do so the transaction is ‘voidable’, which means that action can be taken to avoid it.
[See ‘Void’, ‘Board Meeting’ and ‘Director’.]
