Bankruptcy Act 1988

Acceptance of proposal.

(1857, s. 346 in pt., s. 348)

92

92. (1) ( a) If, at the private sitting referred to in section 90 or any adjournment thereof, three-fifths in number and value of the creditors voting at such sitting either in person or by an agent authorised in writing in that behalf accept the proposal or any modification thereof, it shall be deemed to be accepted by the creditors, subject to the approval of the Court.

(1857, s. 347)

( b) If approved by the Court, the proposal or any modification thereof shall be binding on the arranging debtor and on all persons who were creditors at the date of the petition and who had notice of the sitting.

(2) A creditor whose debt is less than F82 [ 130 ] shall not be entitled to vote.

(3) The arranging debtor shall attend the sitting and the Court shall have power to examine him on oath or any witness produced by him or any creditor or person claiming to be a creditor.

(4) The Court may require any person so examined to sign a transcript of his evidence.

(1857, ss. 346, 347)

(5) Debts may be proved at the sitting.

Annotations:

Amendments:

F82

Substituted (1.01.2002) by Bankruptcy Act 1988 (Alteration of Monetary Limits) Order 2001 (S.I. No. 595 of 2001), art. 2 and sch., in effect as per art. 2.

Editorial Notes:

E33

Previous affecting provision: section repealed by Personal Insolvency Act 2012 (44/2012), s. 6 and sch. 1, not commenced; repealed (3.12.2013) by Courts and Civil Law (Miscellaneous Provisions) Act 2013 (32/2013), s. 37, S.I. No. 463 of 2013.