Insolvency Act · s 47

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47.
Duty to manage affairs etc. in accordance with approved proposals
(1) Where the judicial manager’s proposals have been approved by a meeting of the company’s creditors summoned under section 44, then, subject to any order under section 49, it shall be the duty of the judicial manager to manage the affairs, business and property of the company in accordance with the proposals as from time to time revised by him.
(2) Where the judicial manager proposes to make substantial revisions of his proposals as so approved, he shall —
(a) send to all creditors of the company (so far as he is aware of their addresses) a statement of his proposed revisions; and
(b) lay a copy of the statement before a meeting of the company’s creditors summoned for the purpose in not less than 14 days’ notice,

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and shall not make the proposed revisions unless at such meeting, they are approved by 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.
(3) The judicial manager shall also —
(a) send a copy of the statement (so far as he is aware of their addresses) to all members of the company; or
(b) publish a notice in a Malay and English local daily newspaper stating an address to which members of the company should request in writing for copies of the statement to be sent to them free of charge.
(4) A meeting of the company’s creditors summoned under subsection (2) (which shall, subject to subsection (2) and this subsection, be conducted in accordance with the rules) may approve the proposed revisions with modifications but shall not do so unless the judicial manager consents to each modification.
(5) After the conclusion of a meeting summoned under subsection (2), the judicial manager shall give notice of the result of the meeting to the Registrar or to such other persons or bodies as the Court may approve.

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s 47Duty to manage affairs etc. in accordance with approved proposals

(1)

Where the judicial manager’s proposals have been approved by a meeting of the company’s creditors summoned under section 44, then, subject to any order under section 49, it shall be the duty of the judicial manager to manage the affairs, business and property of the company in accordance with the proposals as from time to time revised by him.

(2)

Where the judicial manager proposes to make substantial revisions of his proposals as so approved, he shall —

(a)

send to all creditors of the company (so far as he is aware of their addresses) a statement of his proposed revisions; and

(b)

lay a copy of the statement before a meeting of the company’s creditors summoned for the purpose in not less than 14 days’ notice,

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and shall not make the proposed revisions unless at such meeting, they are approved by 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.

(3)

The judicial manager shall also —

(a)

send a copy of the statement (so far as he is aware of their addresses) to all members of the company; or

(b)

publish a notice in a Malay and English local daily newspaper stating an address to which members of the company should request in writing for copies of the statement to be sent to them free of charge.

(4)

A meeting of the company’s creditors summoned under subsection (2) (which shall, subject to subsection (2) and this subsection, be conducted in accordance with the rules) may approve the proposed revisions with modifications but shall not do so unless the judicial manager consents to each modification.

(5)

After the conclusion of a meeting summoned under subsection (2), the judicial manager shall give notice of the result of the meeting to the Registrar or to such other persons or bodies as the Court may approve.