Clause 231 - Power of Tribunal to enforce compromise or arrangement

Tribunal power to supervise sanctioned compromises allows directions, modifications, or winding-up when implementation fails.

A tribunal sanctioning a company compromise or arrangement may supervise its implementation, give directions, and modify terms at the time of sanction or later. If the tribunal finds the scheme cannot be implemented satisfactorily and the company cannot pay its debts under the scheme, it may order winding up, with that order treated under the general winding-up regime. These supervisory and enforcement powers apply, as far as possible, to arrangements sanctioned prior to the Act's commencement.