| Commentary

58 Overview

| Commentary

5: CONSEQUENCES AND IMPLEMENTATION OF A VOLUNTARY ARRANGEMENT

58 Overview

The effect of the approval of a voluntary arrangement is that those creditors bound by it, as well as the company, become consensually bound by the terms of the arrangement1. It has no effect on the rights of any creditor not so bound. One of the first steps after the passing of the resolutions of the meetings is that the directors2 shall as soon as reasonably practicable do all that is required for putting the supervisor into possession of the assets included in the arrangement3.

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