Section 3

Where the nominee under section 1 is not the liquidator or administrator, and it has been report to the court under section 2(2) that the proposal should be considered by a meeting of the company and by the company's creditors, the person making the report shall (unless the court otherwise directs)— summon a meeting of the company to consider the proposal for the time, date and place proposed in the report, and seek a decision from the company's creditors as to whether they approve the proposal. Where the nominee is the liquidator or administrator, he shall— summon a meeting of the company to consider the proposal for such time, date and place as he thinks fit, and seek a decision from the company's creditors as to whether they approve the proposal. A decision of the company's creditors as to whether they approve the proposal is to be made by a qualifying decision procedure. Notice of the qualifying decision procedure must be given to every creditor of the company of whose claim and address the person seeking the decision is aware.

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