238 Approval by separate meetings of each class of the company’s members and creditorsOne of the advantages of a scheme of arrangement for a company reorganisation over the sale of a company’s undertaking for shares in a voluntary winding up is that creditors of the original company, as well as members, may be required to accept the liability or securities of the new company in place of their existing rights1. Under a scheme of arrangement approved by the court in accordance with Part 26 of the Companies Act 2006, each creditor is bound to take the securities issued by
One of the advantages of a scheme of arrangement for a company reorganisation over the sale of a company’s undertaking for shares in a voluntary winding up is that creditors of the original company, as well as members, may be required to accept the liability or securities of the new company in place of their existing rights1. Under a scheme of arrangement approved by the court in accordance with Part 26 of the Companies Act 2006, each creditor is bound to take the securities issued by
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