Schedule 3
This section has no associated Explanatory Memorandum
12. For the item relating to new subsection (5A) of section 4 substitute—
“Provisions Section 4 (decisions of meetings) | Modifications |
|---|---|
| new subsection (5A) | Insert a new subsection (5A) as follows— “(5A) If modifications to the proposal are proposed by creditors, the nominee under section 1(2) must, before the date on which the creditors are to be asked whether to approve the proposed voluntary arrangement, ascertain from the limited liability partnership whether or not it agrees to the proposed modifications; and if at that date the limited liability partnership has failed to respond to a proposed modification, it shall be presumed not to have agreed to it.”” |