Section 239ACP — Companies Act 1993: Procedure if deed not fully approved at watershed meeting

239ACP Procedure if 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— (a) the administrator must draft the complete deed and circulate it to the creditors within 10 working days after the meeting (called in this section the preparation period ); and (b) the creditors have a period of 3 working days (called in this section the inspection period ) after the end of the preparation period in which to inspect and comment on the deed; and (c) the company and the deed administrator must execute the deed within 2 working days (called in this section the execution period ) after the end of the inspection period. (2) The Court may extend the preparation period by up to 10 working days, on an application by the administrator, but only if the application is made within the original preparation period. (3) The Court may extend the execution period by up to 2 working days, on an application by the administrator, but only if the application is made within the original execution period. Section 239ACP: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).