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.