| Commentary

140 Qualified Majority

| Commentary

140 Qualified Majority

At a creditors’ meeting where a company is in administration, a resolution is passed when a simple majority (by value) of those present and voting, in person or by proxy, have voted in favour of it. However, a resolution is invalid if those voting against it include more than half in value of the creditors to whom notice of the meeting was sent and who are not, to the best of the convenor or chair’s belief, persons connected with the company1. The meeting may approve the proposals with modifications but shall not do so unless

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