Compromise and arrangement enforceable after creditor approval and sanction, subject to disclosure and filing requirements.

A limited liability partnership may enter a compromise or arrangement with its creditors or partners by convening meetings as directed by the Tribunal; if a qualified majority in value approves and the Tribunal sanctions the proposal after satisfaction as to full disclosure of material facts and financial position, the sanctioned arrangement binds all creditors or partners and the partnership, and must be filed with the Registrar to take effect, non filing attracting penalties.

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