(1) The court shall not make a bankruptcy order on a petition under section 264(1)(c) (supervisor of, or person bound by, voluntary arrangement proposed and approved) unless it is satisfied—
(a) that the debtor has failed to comply with his obligations under the voluntary arrangement, or
(b) that information which was false or misleading in any material particular or which contained material omissions—
(i) was contained in any statement of affairs or other document supplied by the debtor under Part VIII to any person, or
(ii) was otherwise made available
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