SCHEDULES

SCHEDULE 9Abolition of requirements to hold meetings; opted-out creditors

PART 1Company insolvency

Company voluntary arrangements

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1

Section 5 (effect of approval) is amended as follows.

2

In subsection (2)—

a

in paragraph (a) for “creditors' meeting” substitute “ time the creditors decided to approve the voluntary arrangement ”;

b

in paragraph (b)(i) for the words from “at that” to “it)” substitute “in the qualifying decision procedure by which the creditors' decision to approve the voluntary arrangement was made”.

3

In subsection (4)(a) after “4(6)” insert “ and (6A) ”.