Insolvency Act · s 55

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s 55Application of section 151 of Chapter 39 to company under judicial management

At any time when a judicial management order is in force in relation to a company under judicial management, section 151 of the Companies Act

(Chapter 39) applies as if for subsections (1) and (3) thereof there were substituted the following —

“(1) Where a voluntary arrangement is proposed between a company and its creditors, the Court may on the application of the judicial manager, order a meeting of creditors to be summoned in such manner as the Court may direct.

Insolvency

(3)

If three-fourths, in value, of the creditors present and voting in person or by proxy at the meeting agree to a voluntary arrangement, the arrangement shall, if approved by the Court, be binding on all the creditors and on the judicial manager.”.