[3 Consideration of proposal]

[3  Consideration of proposal]

(1)     Where the nominee under section 1 is not the liquidator or administrator, and it has been reported to the court [under section 2(2) that the proposal should be considered by a meeting of the company and by the company's creditors], the person making the report shall (unless the court otherwise [directs)—

(a)     summon a meeting of the company to consider the proposal for the time, date and place proposed in the report, and

(b)     seek a decision from the company's creditors as to whether they approve the proposal].

(2)     Where the nominee is the liquidator or

Popular documents