The deemed consent procedure may be used instead of a qualifying decision procedure where a company's creditors or contributories are to make a decision about any matter, unless—
If the rules provide for a company's creditors or contributories to make a decision about the remuneration of any person, they must provide that the decision is to be made by a qualifying decision procedure.
The deemed consent procedure is that the relevant creditors (other than opted-out creditors) or (as the case may be) the relevant contributories are given notice of—
If less than the appropriate number of relevant creditors or (as the case may be) relevant contributories object to the proposed decision in accordance with the procedure set out in the notice, the creditors or (as the case may be) the contributories are to be treated as having made the proposed decision.
Otherwise—
For the purposes of subsection (4) the "appropriate number" of relevant creditors or relevant contributories is 10% in value of those creditors or contributories.
"Relevant creditors" means the creditors who, if the decision were to be made by a qualifying decision procedure, would be entitled to vote in the procedure.
"Relevant contributories" means the contributories who, if the decision were to be made by a qualifying decision procedure, would be entitled to vote in the procedure.
In this section references to creditors include creditors of a particular class.
The rules may make further provision about the deemed consent procedure.