| Commentary

62 Effect of approval

| Commentary

E: EFFECT AND IMPLEMENTATION OF ARRANGEMENT

62 Effect of approval

Where the creditors approve the IVA by decision procedure, it1:

  1. 62.1

        takes effect as if made by the debtor at the time the creditors decided to approve the proposal;

  2. 62.2

        binds every person who, in accordance with the rules, was entitled to vote in the decision procedure as if he were a party to the arrangement; and

  3. 62.3

        also binds every person who in accordance with the rules would have been entitled to vote in the decision procedure if he had had notice of it, as if he were a party

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