In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 14 · Voluntary Arrangements

284. Effect of approval

(1)

Where the creditors’ meeting summoned under section 281 has approved the proposed voluntary arrangement, with or without modifications, the approved arrangement —

(a)

takes effect as if made by the debtor at the meeting; and

(b)

binds every person who had notice of and was entitled to vote at the meeting, whether or not the person was present or represented at the meeting, as if the person were a party to the arrangement.

(2)

Subject to section 285, the interim order in force in relation to the debtor ceases to have effect at the end of 28 days after the date the report was made to the Court under section 283.

(3)

Where proceedings on a bankruptcy application have been stayed by an interim order which ceases to have effect under subsection (2), that application is, unless the Court otherwise orders, deemed to have been dismissed.