Regulation 4 Creditor approval

(1)

The approval of the company’s creditors is obtained in accordance with this regulation if the requirements specified in paragraph (2) are met.

(2)

The requirements specified in this paragraph are as follows—

(a)

the administrator has—

(i)

included proposals for making the disposal (referred to for the purposes of this paragraph as “the proposal”) in the statement of administrator’s proposals referred to in paragraph 49 of Schedule B1, and

(ii)

subsequently sought a decision from the company’s creditors as to whether they approve the proposal; and

(b)

the company’s creditors approve the proposal—

(i)

without modification, or

(ii)

with modifications to which the administrator consents^f1.

Annotations

Footnotes

f1: Paragraph 53 of Schedule B1 makes provision as to creditors’ approval of the administrator’s proposals.