4(1)Section 4 (decisions of meetings) is amended as follows.
(2)For subsection (1) substitute—
“(1)This section applies where, under section 3—
(a)a meeting of the company is summoned to consider the proposed voluntary arrangement, and
(b)the company’s creditors are asked to decide whether to approve the proposed voluntary arrangement.
(1A)The company and its creditors may approve the proposed voluntary arrangement with or without modifications.”
(3)In subsection (3) for “A meeting so summoned shall not” substitute “Neither the company nor its creditors may”.
(4)In subsection (4)—
(a)for “a meeting so summoned shall not” substitute “neither the company nor its creditors may”;
(b)omit “the meeting may approve”;
(c)after “such a proposal or modification” insert “may be approved”.
(5)In subsection (5) for “each of the meetings” substitute “the meeting of the company and the qualifying decision procedure”.
(6)In subsection (6) for “either” substitute “the company”.
(7)After subsection (6) insert—
“(6A)After the company’s creditors have decided whether to approve the proposed voluntary arrangement the person who sought the decision must—
(a)report the creditors’ decision to the court, and
(b)immediately after reporting to the court, give notice of the creditors’ decision to such persons as may be prescribed.”
(8)In the heading, for “meetings” substitute “the company and its creditors”.