SCHEDULES
SCHEDULE 9Abolition of requirements to hold meetings; opted-out creditors
PART 2Individual insolvency
67Individual voluntary arrangements
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”.