Section 15
Challenge of decisions
(1)
An application to the Court may be made, by any of the persons specified in subsection (2), on one or both of the following grounds —
(a)
that a voluntary arrangement which has effect under section 13(2) unfairly prejudices the interests of a creditor, member or contributory of the company;
(b)
that there has been some material irregularity at or in relation to either of the meetings.
(2)
The persons who may apply under subsection (1) are —
(a)
a person entitled, in accordance with the rules, to vote at either of the meetings;
(b)
a person who would have been entitled, in accordance with the rules, to vote at the creditors’ meeting if he had had notice of it;
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(c)
the nominee or any person who has replaced him under section 10(4) or 12(2); and
(d)
if the company is being wound up or is in judicial management, the liquidator or judicial manager.
(3)
An application under this section shall not be made —
(a)
after the end of the period of 28 days beginning with the first day on which each of the reports required by section 12(7) has been made to the Court; or
(b)
in the case of a person who was not given notice of the creditors’ meeting, after the end of the period of 28 days beginning with the day on which he became aware that the meeting had taken place, but (subject to that), an application made by a person within subsection (2)(b) on the ground that the voluntary arrangement prejudices his interests may be made after the arrangement has ceased to have effect, unless it came to an end prematurely.
(4)
Where on such an application the Court is satisfied as to either of the grounds mentioned in subsection (1), it may do one or both of the following —
(a)
revoke or suspend any decision approving the voluntary arrangement which has effect under section 14(2) or, in a case falling within subsection (1)(b), any decision taken by the meeting in question which has effect under that section;
(b)
give a direction to any person for the summoning of further meetings to consider any revised proposal the person who made the original proposal may make or, in the case falling within subsection (1)(b), a further company or, as the case may be, a creditors’ meeting to reconsider the original proposal.
(5)
Where at any time after giving a direction under subsection (4)(b) for the summoning of meetings to consider a revised proposal, the Court is satisfied that the person who made the original proposal does not intend to submit a revised proposal, the Court shall revoke the direction and revoke or suspend any decision approving the voluntary arrangement which has effect under section 14(2).
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(6)
In a case where the Court, on an application under this section with respect to any meeting —
(a)
gives a direction under subsection (4)(b); or
(b)
revokes or suspends an approval under subsection (4)(a)
or (5), the Court may give such supplemental directions as it thinks fit and, in particular, directions with respect to things done under the voluntary arrangement since it took effect.
(7)
Except in pursuance of sections 12, 13 and 14, a decision taken at a meeting summoned under section 11 is not invalidated by any irregularity at or in relation to the meeting.