| Commentary

68 Variation of voluntary arrangement

| Commentary

68 Variation of voluntary arrangement

An express provision for variation of its terms in an individual voluntary arrangement is valid1. In the absence of express provision, a term will not be implied into an arrangement permitting a variation by 75% of the creditors2. However all the creditors, or all the creditors of a distinct class, may reach a consensual variation to the arrangement with the debtor which will then be binding upon them all. Such a consensual arrangement would not have the effect of altering the original arrangement which will continue to have statutory force3

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