Section 126

Introductory

1 The Insolvency Act 1986 is amended in accordance with this Part of this Schedule.

Company voluntary arrangements

2 In section 2(2) (nominee's report on company's proposal), for paragraphs (aa) and (b) substitute -

"(b) whether, in his opinion, the proposal should be considered by a meeting of the company and by the company's creditors, and

(c) if in his opinion it should, the date on which, and time and place at which, he proposes a meeting of the company should be held."

3

(1) Section 3 (summoning of meetings) is amended as follows.

(2) In subsection (1) -

(a) for the words from "that" to "summoned" substitute "under section 2(2) that the proposal should be considered by a meeting of the company and by the company's creditors";

(b) for the words from "directs)" to the end substitute "directs) -

(a) summon a meeting of the company to consider the proposal for the time, date and place proposed in the report, and

(b) seek a decision from the company's creditors as to whether they approve the proposal."

(3) In subsection (2), for the words from "shall" to the end substitute "shall -