- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
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(1)This section has effect where a meeting summoned under section 114 above approves a proposed composition or scheme (with or without modifications).
(2)The approved composition or scheme shall take effect as if made by the debtor at the meeting and shall bind every person who in accordance with the rules had notice of, and was entitled to vote at, the meeting (whether or not he was present or represented at the meeting) as if he were a party to the composition or scheme.
(3)The [1914 c. 47.] Deeds of Arrangement Act 1914 shall not apply to the approved composition or scheme.
(4)Subject to subsection (5) below, if the debtor is an undischarged bankrupt the court may do one or both of the following, namely—
(a)annul the bankruptcy order by which he was adjudged bankrupt;
(b)give such directions with respect to the conduct of the bankruptcy and the administration of the bankrupt's estate as it thinks appropriate for facilitating the implementation of the approved composition or scheme.
(5)The court shall not annul a bankruptcy order under subsection (4) above—
(a)at any time before the end of the period of twenty-eight days beginning with the day on which the report with respect to the meeting was made to the court under section 115(7) above ; or
(b)at any time when an application under section 117 below or an appeal in respect of such an application is pending or at any time in the period within which such an appeal may be brought.
(6)Except to such extent as the court may direct for the purposes of any application under section 117 below, any interim order in force in relation to the debtor immediately before the end of the period of twenty-eight days beginning with the day on which the report with respect to the meeting was made to the court under section 115(7) above shall cease to have effect at the end of that period.
(7)Where proceedings on a bankruptcy petition have been stayed by an interim order which ceases to have effect under subsection (6) above, that petition shall be deemed, unless the court otherwise orders, to have been dismissed.
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