Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 5 · Scheme of Arrangement
72. Power of Court to review act, omission or decision, etc., after approval, etc., of compromise or arrangement
Feedback & supportThis section applies after a compromise or an arrangement, between a company and its creditors or any class of those creditors, has been approved by the Court under section 210(4) of the Companies Act 1967 or section 71(1).
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
Where the Court is satisfied that the company or the scheme manager of the scheme of arrangement has committed an act or omission, or made a decision, that results in a breach of any term of the scheme of arrangement, the Court may, on the application of the company, the scheme manager or any creditor bound by the scheme of arrangement —
reverse or modify the act or decision of the company or the scheme manager; or
give such direction or make such order as the Court thinks fit to rectify the act, omission or decision of the company or scheme manager.
The Court may, on an application of the company, the scheme manager or any creditor bound by the scheme of arrangement, clarify any term of the scheme of arrangement.
creditor
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;
No order or clarification made, and no direction given, by the Court under subsection (2) or (3) may alter, or affect any person’s rights under, the terms of the compromise or arrangement as approved by the Court under section 210(4) of the Companies Act 1967 or section 71(1).