Insolvency Act 1986

[F136(1)Sub-paragraph (2) applies to references to one of the following decisions having effect, that is, a decision, under paragraph 31, 32 or 35, with respect to—E+W+S

(a)the approval of a proposed voluntary arrangement,

(b)the extension (or further extension) of a moratorium,

(c)the bringing of a moratorium to an end,

(d)the establishment of a committee, or

(e)the approval of the expected cost of a nominee’s intended actions.

(2)The decision has effect if, in accordance with the rules—

(a)it has been taken by [F2the meeting of the company summoned under paragraph 29 and by the company's creditors], or

(b)(subject to any order made under sub-paragraph (5)) it has been taken by the [F3company's creditors].

(3)If a decision taken by the [F4company's creditors] under any of paragraphs 31, 32 or 35 with respect to any of the matters mentioned in sub-paragraph (1) differs from one so taken by the company meeting with respect to that matter, a member of the company may apply to the court.

(4)An application under sub-paragraph (3) shall not be made after the end of the period of 28 days beginning with—

(a)the day on which the decision was taken by the [F5company's creditors], or

(b)where the decision of the company meeting was taken on a later day, that day.

(5)On an application under sub-paragraph (3), the court may—

(a)order the decision of the company meeting to have effect instead of the decision of the [F6company's creditors], or

(b)make such other order as it thinks fit.]