Section 230 — Companies Act 1993: Effect of compromise

230 Effect of compromise (1) A compromise, including any amendment proposed at the meeting, is approved by creditors, or a class of creditors, if, at a meeting of creditors or that class of creditors conducted in accordance with Schedule 5 to this Act, the compromise, including any amendment, is adopted in accordance with clause 5 of that Schedule. (2) A compromise, including any amendment, approved by creditors or a class of creditors of a company in accordance with this Part of this Act is binding on the company and on— (a) All creditors; or (b) If there is more than one class of creditors, on all creditors of that class—

to whom notice of the proposal was given under section 229 of this Act. (3) If a resolution proposing a compromise, including any amendment, is put to the vote of more than one class of creditors, it is to be presumed, unless the contrary is expressly stated in the resolution, that the approval of the compromise, including any amendment, by each class is conditional on the approval of the compromise, including any amendment, by every other class voting on the resolution. (4) The proponent must give written notice of the result of the voting to each known creditor, the company, any receiver or liquidator, and the Registrar.