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 50 of Schedule B1, and

(ii)

invited the company’s creditors to a meeting to decide whether to 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 54 of Schedule B1 makes provision as to approval of the administrator’s proposals by a creditors’ meeting.