[258 Approval of debtor's proposal]

Consideration and implementation of debtor's proposal

[258  Approval of debtor's proposal]

[(1)     This section applies where under section 257 the debtor's creditors are asked to decide whether to approve the proposed voluntary arrangement.]

(2)     The [creditors] may approve the proposed voluntary arrangement with [or without] modifications, but shall not [approve it with modifications] unless the debtor consents to each modification.

(3)     The modifications subject to which the proposed voluntary arrangement may be approved may include one conferring the functions proposed to be conferred on the nominee on another person qualified to act as an insolvency practitioner [or authorised to act as nominee,

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