SCHEDULES
SCHEDULE 9Abolition of requirements to hold meetings; opted-out creditors
PART 1Company insolvency
Company voluntary arrangements
I1I2I37
1
Section 6 (challenge of decisions) is amended as follows.
2
In subsection (1)(b) for “either of the meetings” substitute “
the meeting of the company, or in relation to the relevant qualifying decision procedure
”
.
3
After subsection (1) insert—
1A
In this section—
a
the “relevant qualifying decision procedure” means the qualifying decision procedure in which the company's creditors decide whether to approve a voluntary arrangement;
b
references to a decision made in the relevant qualifying decision procedure include any other decision made in that qualifying decision procedure.
4
In subsection (2)—
a
in paragraph (a) for “either of the meetings” substitute “
the meeting of the company or in the relevant qualifying decision procedure
”
;
b
in paragraph (aa) for “at the creditors' meeting” substitute “
in the relevant qualifying decision procedure
”
.
5
In subsection (3)(a) after “4(6)” insert “
and (6A)
”
.
6
In subsection (3)(b)—
a
for “creditors' meeting” substitute “
relevant qualifying decision procedure
”
;
b
for “the meeting” substitute “
the relevant qualifying decision procedure
”
.
7
In subsection (4), for “one or both” substitute “
any
”
.
8
In subsection (4)(a), for “in question” substitute “
of the company, or in the relevant qualifying decision procedure,
”
.
9
In subsection (4)(b)—
a
for “further meetings” substitute “
a further company meeting
”
;
b
for “, a further company or (as the case may be) creditors'” substitute “
and relating to the company meeting, a further company
”
.
10
In subsection (4), after paragraph (b) insert—
c
direct any person—
i
to seek a decision from the company's creditors (using a qualifying decision procedure) as to whether they approve any revised proposal the person who made the original proposal may make, or
ii
in a case falling within subsection (1)(b) and relating to the relevant qualifying decision procedure, to seek a decision from the company's creditors (using a qualifying decision procedure) as to whether they approve the original proposal.
11
In subsection (5) for “for the summoning of meetings to consider” substitute “
or (c) in relation to
”
.
12
In subsection (6)—
a
after “meeting” insert “
or relevant qualifying decision procedure
”
;
b
in paragraph (a) after “(4)(b)” insert “
or (c)
”
.
13
In subsection (7)—
a
the words from “a decision” to the end become paragraph (a);
b
in that paragraph (a), after “at a” insert “
company
”
;
c
after that paragraph (a) insert
, and
b
a decision of the company's creditors made in the relevant qualifying decision procedure is not invalidated by any irregularity in relation to the relevant qualifying decision procedure.