SCHEDULES

F1SCHEDULE A1 Moratorium where directors propose voluntary arrangement

Part V Consideration and implementation of voluntary arrangement

Effectiveness of decisions

36

(1)

Sub-paragraph (2) applies to references to one of the following decisions having effect, that is, a decision, under paragraph 31, 32 or 35, with respect to—

(a)

the approval of a proposed voluntary arrangement,

(b)

the extension (or further extension) of a moratorium,

(c)

the bringing of a moratorium to an end,

(d)

the establishment of a committee, or

(e)

the approval of the expected cost of a nominee’s intended actions.

(2)

The decision has effect if, in accordance with the rules—

(a)

it has been taken by F2both meetings summoned under paragraph 29 F2the meeting of the company summoned under paragraph 29 and by the company's creditors , or

(b)

(subject to any order made under sub-paragraph (5)) it has been taken by the F3creditors’ meeting summoned under that paragraph F3company's creditors .

(3)

If a decision taken by the F4creditors’ meeting F4company's creditors under any of paragraphs 31, 32 or 35 with respect to any of the matters mentioned in sub-paragraph (1) differs from one so taken by the company meeting with respect to that matter, a member of the company may apply to the court.

(4)

An application under sub-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 F5creditors’ meeting F5company's creditors , or

(b)

where the decision of the company meeting was taken on a later day, that day.

(5)

On an application under sub-paragraph (3), the court may—

(a)

order the decision of the company meeting to have effect instead of the decision of the F6creditors’ meeting F6company's creditors , or

(b)

make such other order as it thinks fit.