Singapore legislation
Section 282
Section 282
Decision of creditors’ meeting
(1)
A creditors’ meeting summoned under section 281 may, if the meeting thinks fit, by special resolution resolve to approve the proposed voluntary arrangement, whether with or without modification.
(2)
The creditors’ meeting must not approve the proposed voluntary arrangement with any modification unless the debtor has consented to such modification.
(3)
For the purpose of this section, a modification subject to which a proposed voluntary arrangement may be approved by a creditors’ meeting may confer the functions proposed to be conferred on the nominee on another person qualified to act as a nominee.
(4)
No modification under subsection (3) may alter the proposal to such an extent that it ceases to be a proposal for a voluntary arrangement by the debtor.
(5)
The creditors’ meeting must not approve any proposal or any modification to the proposal which affects the right of a secured creditor of the debtor to enforce the secured creditor’s security, except with the concurrence of the secured creditor.
(6)
The creditors’ meeting must not, without the concurrence of the preferential creditor in question, approve any proposal or any modification of the proposal under which —
any debt of the debtor, not being a preferential debt, is to be paid in priority to any preferential debt of the debtor; or
the priority of payment of any preferential debt of the debtor, in relation to any other preferential debt of the debtor, is not in accordance with section 352.
(7)
Every creditors’ meeting must be conducted in accordance with the prescribed regulations.
(8)
Any debtor who makes any false representation or commits any other fraud for the purpose of obtaining the approval of the debtor’s creditors to a proposal for a voluntary arrangement shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.