SCHEDULES
SCHEDULE 9Abolition of requirements to hold meetings; opted-out creditors
PART 1Company insolvency
Company voluntary arrangements
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1
Section 4 (decisions of meetings) is amended as follows.
2
For subsection (1) substitute—
1
This section applies where, under section 3—
a
a meeting of the company is summoned to consider the proposed voluntary arrangement, and
b
the company's creditors are asked to decide whether to approve the proposed voluntary arrangement.
1A
The company and its creditors may approve the proposed voluntary arrangement with or without modifications.
3
In subsection (3) for “A meeting so summoned shall not” substitute “
Neither the company nor its creditors may
”
.
4
In subsection (4)—
a
for “a meeting so summoned shall not” substitute “
neither the company nor its creditors may
”
;
b
omit “the meeting may approve”;
c
after “such a proposal or modification” insert “
may be approved
”
.
5
In subsection (5) for “each of the meetings” substitute “
the meeting of the company and the qualifying decision procedure
”
.
6
In subsection (6) for “either” substitute “
the company
”
.
7
After subsection (6) insert—
6A
After the company's creditors have decided whether to approve the proposed voluntary arrangement the person who sought the decision must—
a
report the creditors' decision to the court, and
b
immediately after reporting to the court, give notice of the creditors' decision to such persons as may be prescribed.
8
In the heading, for “meetings” substitute “
the company and its creditors
”
.