112 Dismissal

The court has an express discretion to dismiss the petition in two circumstances: first, where the court is satisfied that the debtor is able to pay all his debts including his prospective and contingent liabilities1; second, where the court is satisfied that the debtor has made an offer to secure or compound for a debt in respect of which the petition is presented, that the acceptance of the offer would have required the dismissal of the petition, and that the offer has been unreasonably refused2.

A proposal for an IVA does not constitute an offer to each creditor capable

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