5 Effect of approval

5  Effect of approval

[(1)     This section applies where a decision approving a voluntary arrangement has effect under section 4A.]

(2)     The . . . voluntary arrangement—

(a)     takes effect as if made by the company at the [time the creditors decided to approve the voluntary arrangement], and

[(b)     binds every person who in accordance with the rules—

(i)     was entitled to vote [in the qualifying decision procedure by which the creditors' decision to approve the voluntary arrangement was made], or

(ii)     would have been so entitled if he had had notice of it,

as if he were a party to the voluntary arrangement.

(2A)     If—

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