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Commentary

49.4 Rule 15.34: Requisite majority of creditors

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

49.4 Rule 15.34: Requisite majority of creditors

| Commentary

49.4 Rule 15.34: Requisite majority of creditors

Rule 15.341 provides that a proposal is approved where a majority of ‘three-quarters or more (in value)’ of those creditors responding to it vote in favour of it2. Any other resolution of creditors requires only a simple majority in value to pass3.

Notwithstanding the obtaining of a three-quarters majority by value the decision is not made if more than half in value of the creditors who are not associates of the debtor vote against it. It is also provided that for these purposes:

  1. 49.4.1

        a creditor is

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