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<h1>Company compromise petitions must be filed in the prescribed form within seven days of the Chairperson's report.</h1> Where members and/or creditors agree to a proposed compromise or arrangement, the company or its liquidator must present a petition to the Tribunal in the prescribed form within seven days of the Chairperson's report; where the scheme concerns reconstruction or amalgamation, the petition must seek appropriate statutory orders and directions; if the company fails to present the petition, any creditor or member may do so with leave of the Tribunal and the company is liable for the costs.
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