SCHEDULES

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

PART 2Individual insolvency

Individual voluntary arrangements

67

(1)

Section 260 (effect of approval) is amended as follows.

(2)

In subsection (1) for “the meeting summoned under section 257 approves” substitute “ pursuant to section 257 the debtor's creditors decide to approve ”.

(3)

In subsection (2)—

(a)

in paragraph (a) for “at the meeting” substitute “ at the time the creditors decided to approve the proposal ”;

(b)

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

(4)

In subsection (4) for “meeting” substitute “ decision ”.