| Commentary

29 Secured creditors

| Commentary

29 Secured creditors

A proposal cannot be approved or modified so as to affect the right of a secured creditor of the company to enforce his security, except with the concurrence of the creditor concerned1. Thus, if a debenture-holder or other secured creditor2 is to be bound by the scheme, he must expressly agree to the rescheduling of his debt, or such other indulgence as may be sought from him. If not, he remains free to enforce his security by all means, including but not limited to appointment of an administrator3 (if he has a

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