# The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021, 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.

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Source: https://www.legislation.gov.uk/ukdsi/2021/9780348220421/regulation/4 (the official version)
Page: https://openlegislation.uk/draft-administration-restrictions-on-disposal-etc-to-connected-persons-regulations-2021/regulation-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.