This is the original version (as it was originally enacted).
(1)If a majority in number representing 75% in value of the creditors or class of creditors or members or class of members (as the case may be), present and voting either in person or by proxy at the meeting summoned under section 896, agree a compromise or arrangement, the court may, on an application under this section, sanction the compromise or arrangement.
(2)An application under this section may be made by—
(a)the company,
(b)any creditor or member of the company, or
(c)if the company is being wound up or an administration order is in force in relation it, the liquidator or administrator.
(3)A compromise or agreement sanctioned by the court is binding on—
(a)all creditors or the class of creditors or on the members or class of members (as the case may be), and
(b)the company or, in the case of a company in the course of being wound up, the liquidator and contributories of the company.
(4)The court’s order has no effect until a copy of it has been delivered to the registrar.
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
