Section 16 Decisions of meetingsI1

Article 17 (decisions of meetings) is amended as follows.

For paragraph (1) substitute—

“(1)

This Article applies where, under Article 16—

(a)

a meeting of the company is summoned to consider the proposed voluntary arrangement, and

(b)

the company’s creditors are asked to decide whether to approve the proposed voluntary arrangement.

(1A)

The company and its creditors may approve the proposed voluntary arrangement with or without modifications.”.

In paragraph (3), for “A meeting so summoned shall not” substitute “Neither the company nor its creditors may”.

In paragraph (4), for “A meeting so summoned shall not” substitute “Neither the company nor its creditors may”.

In paragraph (4A), for “a meeting so summoned may not” substitute “neither the company nor its creditors may”.

In paragraph (5), for “each of the meetings” substitute “the meeting of the company and the qualifying decision procedure”.

In paragraph (6), for “either” substitute “the company”.

After paragraph (6) insert—

“(6A)

After the company’s creditors have decided whether to approve the proposed voluntary arrangement the person who sought the decision must—

(a)

report the creditors’ decision to the High Court, and

(b)

immediately after reporting to the Court, give notice of the creditors’ decision to such persons as may be prescribed.”.

In the heading, for “meetings” substitute “the company and its creditors”.