# Companies Act 1948, Section 306: Arrangement when binding on creditors.


(1) Any arrangement entered into between a company about to be, or in the course of being, wound up and its creditors shall, subject to the right of appeal under this section, be binding on the company if sanctioned by an extraordinary resolution and on the creditors if acceded to by three fourths in number and value of the creditors.
(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, appeal to the court against it, and the court may thereupon, as it thinks just, amend, vary or confirm the arrangement

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/section/306 (the official version)
Page: https://openlegislation.uk/companies-act-1948/section-306
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.