Small Business, Enterprise and Employment Act 2015

Individual voluntary arrangements

69 (1) Section 262 (challenge of meeting’s decision) is amended as follows.

(2) In subsection (1)(a), for “a creditors’ meeting summoned under” substitute “a decision of the debtor’s creditors pursuant to”.

(3) In subsection (1)(b), for “at or in relation to such a meeting” substitute “in relation to a creditors’ decision procedure instigated under that section”.

(4) In subsection (2)(b)(i), for “at the creditors’ meeting” substitute “in the creditors’ decision procedure”.

(5) In subsection (3)(b)—

(a) for “creditors’ meeting” substitute “creditors’ decision procedure”;

(b) for “the meeting had taken place” substitute “a decision as to whether to approve the proposed voluntary arrangement had been made”.

(6) In subsection (4)(a) for “the meeting” substitute “a decision of the debtor’s creditors”.

(7) For subsection (4)(b) substitute—

“(b) direct any person to seek a decision from the debtor’s creditors (using a creditors’ decision procedure) as to whether they approve—

(i) any revised proposal the debtor may make, or

(ii) in a case falling within subsection (1)(b), the debtor’s original proposal.”

(8) In subsection (5)—

(a) for “for the summoning of a meeting to consider” substitute “in relation to”;

(b) for “given at the previous meeting” substitute “previously given by the debtor’s creditors”.

(9) In subsection (7), for “meeting”, in each place, substitute “decision”.

(10) In subsection (8), for the words from “an approval” to the end substitute “the approval of a voluntary arrangement by a decision of the debtor’s creditors pursuant to section 257 is not invalidated by any irregularity in relation to the creditors’ decision procedure by which the decision was made.”

(11) In the heading for “meeting’s” substitute “creditors’”.