Part I Company Voluntary Arrangements

Consideration and implementation of proposal

F14A Approval of arrangement.

(1)

This section applies to a decision, under section 4, with respect to the approval of a proposed voluntary arrangement.

(2)

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

(a)

it has been taken by F2the meeting of the company summoned under section 3 and by the company's creditors pursuant to that section, or

(b)

(subject to any order made under subsection F3(6)) it has been taken by the F4company's creditors pursuant to that section.

(3)

If the decision taken by the F5company's creditors differs from that taken by the company meeting, a member of the company may apply to the court.

(4)

An application under subsection (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 F6company's creditors, or

(b)

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

(5)

Where a member of a regulated company, F7as defined by section A49(13), applies to the court under subsection (3), the F8appropriate regulator is entitled to be heard on the application.

F9(5A)

The appropriate regulator” means—

(a)

where the regulated company is a PRA-regulated company F10as defined by section A49(13), the Financial Conduct Authority and the Prudential Regulation Authority, and

(b)

in any other case, the Financial Conduct Authority.

(6)

On an application under subsection (3), the court may—

(a)

order the decision of the company meeting to have effect instead of the decision of the F11company's creditors, or

(b)

make such other order as it thinks fit.