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Companies Act 1985
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601Arrangement when binding on creditors
(1)Any arrangement entered into between a company about to be, or in the course of being, wound up and its creditors is (subject to the right of appeal under this section) binding—
(a)on the company, if sanctioned by an extraordinary resolution, and
(b)on the creditors, if acceded to by three-fourths in number and value of them.
(2)Any creditor or contributory may, within 3 weeks from the completion of the arrangement, appeal to the court against it; and the court may thereupon, as it thinks just, amend, vary or confirm the arrangement.
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