Insolvency Act 1986

[F1 263D Approval of voluntary arrangement E+W

(1) This section applies where the official receiver reports to the court under section 263C that a proposed voluntary arrangement has been approved.

(2) The voluntary arrangement—

(a) takes effect,

(b) binds the debtor, and

(c) binds every person who was entitled to participate in the arrangements made under section 263B(2).

(3) The court shall annul the bankruptcy order in respect of the debtor on an application made by the official receiver.

(4) An application under subsection (3) may not be made—

(a) during the period specified in section 263F(3) during which the voluntary arrangement can be challenged by application under section 263F(2),

(b) while an application under that section is pending, or

(c) while an appeal in respect of an application under that section is pending or may be brought.

(5) The court may give such directions about the conduct of the bankruptcy and the administration of the bankrupt’s estate as it thinks appropriate for facilitating the implementation of the approved voluntary arrangement.

(6) The Deeds of Arrangement Act 1914 (c. 47) does not apply to the voluntary arrangement.

(7) A reference in this Act or another enactment to a voluntary arrangement approved under this Part includes a reference to a voluntary arrangement which has effect by virtue of this section.]

Textual Amendments

F1 Ss. 263A-263G and cross-heading inserted (1.4.2004) by 2002 c. 40, ss. 264(1), 279, Sch. 22 para. 2 (with s. 249(6)); S.I. 2003/2093, art. 2(2), Sch. 2 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))