Schedule B1, paragraph 53

The company's creditors may approve the administrator's proposals— without modification, or with modification to which the administrator consents. The administrator shall as soon as is reasonably practicable report any decision taken by the company's creditors to— the court, the registrar of companies, and such other persons as may be prescribed. An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (2).

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Source: legislation.gov.uk · retrieved 2026-09-04