Insolvency Act · 2022 Revised Edition · Part · Judicial Management
55. Application of section 151 of Chapter 39 to company under judicial management
Official textFrom Attorney General's Chambers, unchanged
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
company
“company” means a company incorporated or registered under 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.
voluntary arrangement
“voluntary arrangement” means the voluntary arrangement described in section 8.
Insolvency
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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.”.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
voluntary arrangement
Defined · s 3“voluntary arrangement” means the voluntary arrangement described in section 8.
Part
Winding Up of Companies Registered Under Companies Act
Chapter I
Chapter II
Chapter III
Chapter IV
Chapter V
Chapter VI
Chapter VII
Chapter VIII
Chapter IX
Chapter X
Part