(1) Subject to this section, an application to the court may be made, by any of the persons specified below, on one or both of the following grounds, namely—
(a) that a voluntary arrangement approved by [a decision of the debtor's creditors pursuant to] section 257 unfairly prejudices the interests of a creditor of the debtor;
(b) that there has been some material irregularity [in relation to a creditors' decision procedure instigated under that section].
(2) The persons who may apply under this section are—
(a) the debtor;
[(b) a person who—
(i) was entitled, in accordance with the rules, to vote [in the creditors' decision procedure], or
(ii) would have been so entitled if he had had notice of it;]
(c) the nominee (or his replacement under section [256(3), 256A(4)] or 258(3)); and
(d) if the debtor is an undischarged bankrupt, the trustee of his estate or the official receiver.
(3) An application under this section shall not be made—
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