Arrangement binding on company and creditors when sanctioned and accepted by supermajority; limited appeal permits Tribunal modification. An arrangement between a company being wound up and its creditors, if sanctioned by a special resolution and acceded to by a supermajority of creditors in ... Summary
Arrangement binding on company and creditors when sanctioned and accepted by supermajority; limited appeal permits Tribunal modification.
An arrangement between a company being wound up and its creditors, if sanctioned by a special resolution and acceded to by a supermajority of creditors in number and value, is binding on the company and those creditors; any creditor or contributory may appeal within three weeks to the Tribunal, which may amend, vary, confirm or set aside the arrangement.
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