Revival and rehabilitation of sick companies: Tribunal acted on a three fourths creditors' resolution to wind up or appoint an administrator.

Previously, Section 258 required the Tribunal, after considering the interim administrator's report, to act on a creditors' resolution (three-fourths in value present and voting): either record that revival was impossible and initiate winding up, or appoint a company administrator to prepare a revival scheme; the Tribunal could appoint an interim administrator as company administrator.

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