Clause 21

This section applies where a company enters into the simplified debt restructuring programme and is subsequently discharged pursuant to section 72Q without the approval of the creditors for a compromise or an arrangement in satisfaction of the company’s debts. (2) Where this section applies —

section 124 applies as if the following paragraph appears after paragraph (i) of subsection (1): “(j)its Restructuring Adviser.”; (b)section 125 applies as if the following paragraph appears after paragraph (n) of subsection (1): “(o)the company is discharged from the simplified debt restructuring programme pursuant to section 72Q.”; and (c)section 125 applies as if the following subsection appears after subsection (4): “(4A) For the purpose of subsection (1)(o), where the Court determines that the company satisfies the requirements of section 250F, the Court may, in lieu of ordering the winding up of the company under section 124, order the company to enter into the simplified winding up programme under Part 10A, whereupon the provisions of Part 10A apply, with such adaptations as are necessary, as if the authorisation of the company has been obtained in general meeting.”.”.