(1) If a number representing 75% in value of the creditors or class of creditors or members or class of members (as the case may be), present and voting either in person or by proxy at the meeting summoned under section 901C, agree a compromise or arrangement, the court may, on an application under this section, sanction the compromise or arrangement.
(2) Subsection (1) is subject to -
(a) section 901G (sanction for compromise or arrangement where one or more classes dissent), and
(b) section 901H (moratorium debts, etc).
(3) An application under this section may be made by -
(b) any creditor or member of the company,
(c) if the company is being wound up, the liquidator, or
(d) if the company is in administration, the administrator.
(4) Where the court makes an order under this section in relation to a company that is in administration or is being wound up, the court may by the order -
(a) provide for the appointment of the administrator or liquidator to cease to have
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