Section 940(2)

If, in the case of a compromise or arrangement to be sanctioned under Part 26, a majority in number representing 75% in value of the creditors or any class of creditors of the transferor company, present and voting either in person or by proxy at a meeting summoned for the purposes of agreeing to the scheme, so agree, subsection (1) does not apply in relation to the liabilities owed to the creditors or that class of creditors.

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