C1C2C3C4C5C6C8C7 PART IICOMPANY VOLUNTARY ARRANGEMENTS
Pt. II (arts. 14-20B) applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 113(6)-(9), 134, 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.
Pt. 2 modified by S.R. 1995/225, Sch. 1 (as amended (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 24 (with art. 3))
Pts. II, III and IV applied (with modifications) by 1986 c. 53, Sch. 15A, Pt. III (as inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6); S.I. 1997/2668, art. 2, Sch. Pt. I (as amended (with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1), 4(4))
Pt. 2 modified by S.R. 1995/225, art. 4, Sch. 1 (as modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 122(2) (with reg. 108))
Pts. 1-5 modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2; (temp.) (27.4.2020 retrospective) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), Sch. 11 para. 8(1)(2), 14 (with ss. 2(2), 5(2)); (26.6.2020) by The Limited Liability Partnerships (Amendment etc.) Regulations 2020 (S.I. 2020/643), reg. 1(1), Sch. 2 (with reg. 3); (16.2.2021) by The Limited Liability Partnerships (Amendment etc.) Regulations 2021 (S.I. 2021/60), reg. 1(1), Sch. 2 (with reg. 4(2)))
Pt. 2 applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 44 (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18)
Pts. 1-5 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 3 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)
Consideration and implementation of proposal
F1Approval of arrangement17A
1
This Article applies to a decision, under Article 17, with respect to the approval of a proposed voluntary arrangement.
2 F2
The decision has effect if, in accordance with the rules—
a
it has been taken by both meetings summoned under Article 16, or
b
(subject to any order made under paragraph F5(6)) it has been taken by the creditors' meeting summoned under that Article.
3 F2
If the decision taken by the creditors' meeting differs from that taken by the company meeting, a member of the company may apply to the High Court.
4 F2
An application under paragraph (3) shall not be made after the end of the period of 28 days beginning with—
a
the day on which the decision was taken by the creditors' meeting, or
b
where the decision of the company meeting was taken on a later day, that day.
5 F2
Where a member of a regulated company, F6as defined by Article 13H(13), applies to the High Court under paragraph (3), the F3Financial Conduct Authority and, where the regulated company is a F4PRA-regulated company F7as defined by Article 13H(13), the Prudential Regulation Authority is entitled to be heard on the application.
6 F2
On an application under paragraph (3), the High Court may—
a
order the decision of the company meeting to have effect instead of the decision of the creditors' meeting, or
b
make such other order as it thinks fit.
Pts. II, III applied (with modifications) (14.11.2008) by Insolvency (Company Arrangement or Administration Provisions for an Industrial and Provident Society) Order (Northern Ireland) 2008 (S.R. 2008/445), art. 2