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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 22 February 2024 - onwards
Version 4 of 4

161. Proposals for compromise or scheme of arrangement.

(1) Proposals for a compromise or scheme of arrangement shall -

(a) specify the members and each class of creditors of the credit union;

(b) specify any members or class of creditors whose interests or claims will not be impaired by the proposals;

(c) specify any members or class of creditors whose interests or claims will be impaired by the proposals;

(d) provide equal treatment for each interest or claim of a member or class of creditor unless the holder of a particular interest or claim agrees to less favourable treatment;

(e) provide for the implementation of the proposals;

(f) if the examiner considers it necessary or desirable to do so to ensure that there is a reasonable prospect of the survival of the credit union as a going concern, specify whatever changes should be made in relation to the management or direction of the credit union;

(g) if the examiner considers it necessary or desirable as mentioned in paragraph (f), specify any changes he considers should be made in the rules of the credit union, whether as regards the management or direction of the credit union or otherwise; and

(h) include such other matters as the examiner deems appropriate;