Section 114
of International Business Companies Order, 2000
Section 114
(1)
Where a compromise or arrangement is proposed between an IBC and its creditors of any class, or between the IBC and its members of any class, then, on the application of the IBC or of any member of the IBC or creditor of that class or, in the case of a winding-up, of the liquidator, the Court may order a meeting of the creditors or class of creditors, or of the members or a class of members, as the case may be.
(2)
In a case where –
(a)
a majority representing 75 per cent 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, agree to a compromise or arrangement,; and
(b)
the compromise or arrangement is approved by an order of the Court, the compromise or arrangement shall be binding on the IBC and on all the creditors or class of creditors or, as the case may be, the members or class of members and, in the event of a winding-up, on the liquidator.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
90
BLUV as at 20th June 2017