Who considers the proposal?
When the directors have proposed the arrangement, the nominee appointed to supervise its implementation reports to the court within 28 days on whether, in his or her opinion, meetings of the company and of its creditors should be called. 4. How is a proposed voluntary arrangement approved? The meetings summoned by the nominee decide whether to approve the arrangement which, subject to certain restrictions, may be approved with or without modifications. It is then binding on all creditors who had notice of the meeting and were entitled to vote. All creditors who had notice of the meeting are bound by the terms of the arrangement. 5. What happens when the arrangement is approved? If the meetings of members and creditors approve the arrangement, then the nominee or his replacement becomes the supervisor of the arrangement. 6. What needs to be sent to Companies House? The supervisor must send a copy of the chairman’s report of the meeting. At least once every 12 months, the supervisor must
