4 Decisions of [the company and its creditors]
Insolvency Act 1986 (1986 c 45) | Legislation

Consideration and implementation of proposal

4  Decisions of [the company and its creditors]

[(1)     This section applies where, under section 3—

(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.]

(2)     The modifications may include one conferring the functions proposed to be conferred on the nominee on another person qualified to act as an insolvency practitioner [. . . in relation to the voluntary arrangement].

But they shall not include any modification by virtue of which the proposal ceases to be a proposal such as is mentioned in section 1.

(3)     [Neither the company nor its creditors may] approve any proposal or modification which affects the right of a secured creditor of the company

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