Insolvency Act 2000

6 E+W+S In section 5 (effect of approval of voluntary arrangement)—

(a) for subsection (1) there is substituted—

“(1) This section applies where a decision approving a voluntary arrangement has effect under section 4A.”,

(b) in subsections (2) and (3), “approved” is omitted,

(c) in subsection (2), for paragraph (b) there is substituted—

“(b) binds every person who in accordance with the rules—

(i) was entitled to vote at that meeting (whether or not he was present or represented at it), or

(ii) would have been so entitled if he had had notice of it,

as if he were a party to the voluntary arrangement.

(2A) If—

(a) when the arrangement ceases to have effect any amount payable under the arrangement to a person bound by virtue of subsection (2)(b)(ii) has not been paid, and

(b) the arrangement did not come to an end prematurely,

the company shall at that time become liable to pay to that person the amount payable under the arrangement.”