SCHEDULES

SCHEDULE 9Abolition of requirements to hold meetings; opted-out creditors

PART 2Individual insolvency

Individual voluntary arrangements

I1I267

1

Section 260 (effect of approval) is amended as follows.

2

In subsection (1) for “the meeting summoned under section 257 approves” substitute “ pursuant to section 257 the debtor's creditors decide to approve ”.

3

In subsection (2)—

a

in paragraph (a) for “at the meeting” substitute “ at the time the creditors decided to approve the proposal ”;

b

in paragraph (b)(i) for the words from “at the” to “it)” substitute “in the creditors' decision procedure by which the decision to approve the proposal was made”.

4

In subsection (4) for “meeting” substitute “ decision ”.