Insolvency Act · s 45

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45.
Consideration of proposals by meeting of company’s creditors
(1) A meeting of the company’s creditors, summoned under section 44, shall decide whether to approve the judicial manager’s proposals.
(2) At such meeting, the majority in number and value of creditors, present and voting in person or by proxy, whose claims have been accepted by the judicial manager, may approve the proposals with modifications but shall not do so unless the judicial manager consents to each modification.
(3) The judicial manager shall report the result of the meeting
(which shall, subject to subsection (2), be conducted in accordance with the rules) to the Court and shall give notice of that result to the Registrar and to such other persons or bodies as the Court may approve.
(4) If a report is given to the Court under subsection (3) that the meeting has declined to approve the judicial manager’s proposals (with or without modifications), the Court may —
(a) by order —
(i) discharge the judicial management order and make such consequential provision as it thinks fit;
(ii) adjourn the hearing conditionally or unconditionally; or

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(b) make an interim order or any other order that it thinks fit.
A copy of any order of Court made under this subsection shall be published in a Malay and English local daily newspaper.
(5) Where the judicial management order is discharged, the judicial manager shall immediately send to the Registrar a copy of the order effecting the discharge.
(6) A judicial manager who, without reasonable excuse, fails to comply with subsection (5) is guilty of an offence and liable on conviction to a fine not exceeding $5,000, and, in the case of a continuing offence, with a further fine not exceeding $250 for every day or part thereof during which the offence continues after conviction.

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s 45Consideration of proposals by meeting of company’s creditors

(1)

A meeting of the company’s creditors, summoned under section 44, shall decide whether to approve the judicial manager’s proposals.

(2)

At such meeting, the majority in number and value of creditors, present and voting in person or by proxy, whose claims have been accepted by the judicial manager, may approve the proposals with modifications but shall not do so unless the judicial manager consents to each modification.

(3)

The judicial manager shall report the result of the meeting

(which shall, subject to subsection (2), be conducted in accordance with the rules) to the Court and shall give notice of that result to the Registrar and to such other persons or bodies as the Court may approve.

(4)

If a report is given to the Court under subsection (3) that the meeting has declined to approve the judicial manager’s proposals (with or without modifications), the Court may —

(a)

by order —

(i)

discharge the judicial management order and make such consequential provision as it thinks fit;

(ii)

adjourn the hearing conditionally or unconditionally; or

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(b)

make an interim order or any other order that it thinks fit.

A copy of any order of Court made under this subsection shall be published in a Malay and English local daily newspaper.

(5)

Where the judicial management order is discharged, the judicial manager shall immediately send to the Registrar a copy of the order effecting the discharge.

(6)

A judicial manager who, without reasonable excuse, fails to comply with subsection (5) is guilty of an offence and liable on conviction to a fine not exceeding $5,000, and, in the case of a continuing offence, with a further fine not exceeding $250 for every day or part thereof during which the offence continues after conviction.