| Commentary

48.3 Creditors’ approval of IVA

| Commentary

48.3 Creditors’ approval of IVA

The creditors may approve the proposed voluntary arrangement with or without modifications, but cannot approve it with modifications unless the debtor consents to each modification1. The modifications may include one conferring the functions proposed to be conferred on the nominee on another person qualified to act as an insolvency practitioner or authorised to act as nominee, in relation to the voluntary arrangement. But they may not include any modification by virtue of which the proposal ceases to be a proposal2.

The creditors shall not approve any proposal or modification which affects the right of a secured

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