Article 40 - Consideration of proposals by creditors' meeting
(1) A meeting of creditors summoned under Article 39 shall decide whether to approve the
(2) The meeting may approve the proposals with modifications, but shall not do so unless the
Administrator consents to each modification.
(3) Subject as above, the meeting shall be conducted in accordance with Article 41.
(4) As soon as reasonable practical after the conclusion of the meeting, the
Administrator shall report the result of the meeting to the QFC Court and shall give notice of that result to the CRO.
(5) If a report is given to the
QFC Court under Article 40(4) that the meeting has declined to approve the Administrator's proposals (with or without modifications), the QFC Court may:
(A) provide that the appointment of the
Administrator will cease to have effect from a specified time;
(B) where the
Administrator is appointed pursuant to an Administration Order, discharge or vary such order and make such consequential provision as it thinks fit;
(C) adjourn the hearing conditionally or unconditionally;
(D) make an interim order; or
(E) make any other order that it thinks fit, including approving a proposal for winding up the
Company which had been suspended pursuant to Article 27(1).
(6) Where the administration is discharged, the
Administrator shall, within 14 days after the making of the order effecting the discharge, send a copy of that order to the CRO.