Section 239ABB — Companies Act 1993: What happens if proposed deed not fully approved at watershed meeting

239ABB What happens if proposed deed not fully approved at watershed meeting (1) If, at the watershed meeting, the creditors resolve that the company execute a deed of company arrangement, but the proposed deed is not fully approved at the meeting, then the administrator must take the steps set out in section 239ACP (briefly, the administrator must draft a deed and circulate it to creditors). (2) The administrator must inform the creditors at the watershed meeting that— (a) they have the right to inspect and comment on the draft deed; and (b) the administrator has the ultimate responsibility for drafting the deed and the executed deed may differ from the draft. Section 239ABB: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).