Section Sch5-5 — Companies Act 1993: Voting

5 Voting (1) At any meeting of creditors or a class of creditors, not being a meeting held for the purposes of section 230 of this Act, a resolution is adopted if a majority in number and value of the creditors or the class of creditors voting in person or by proxy vote or by postal vote in favour of the resolution. (2) At any meeting of creditors or a class of creditors held for the purposes of section 230 of this Act, a resolution is adopted if a majority in number representing 75 percent in value of the creditors or class of creditors voting in person or by proxy vote or by postal vote in favour of the resolution. (3) A creditor chairing the meeting does not have a casting vote. Subclauses (1) and (2) were amended, as from 30 June 1997, by section 23(1) Companies Act 1993 Amendment Act 1997 (1997 No 27) by inserting the words “ or by postal vote ” .