(1)
This section applies where a decision approving a voluntary arrangement has effect under section 437.
(2)
The order of the Court that the decision of the company meeting should have effect instead of the decision of the creditors’ meeting—
(a)
takes effect as if made by the company at the creditors’ meeting ; and
(b)
binds every person who, in accordance with the rules—
(i)
was entitled to vote at that meeting (whether or not he was present or represented at it), or
(ii)
would have been so entitled if he had had notice of it, as if he were a party to the voluntary arrangement.
(3)
Where the arrangement—
(a)
ceases to have effect, any amount payable, under the arrangement to a person bound by virtue of subsection (2) (b) (ii) has not been paid, and
(b)
did not come to an end prematurely, the company shall at that time become liable to pay to that person the amount payable under the arrangement.
(4)
Where the company is being wound up or is in administration, the Court may—
(a)
by order, stay all proceedings in the winding-up or provide for the appointment of the administrator to cease to have effect ; or
(b)
give such directions with respect to the conduct of the winding-up or the administration as it considers appropriate for facilitating the implementation of the order of the Court that the decision of the company meeting should have effect instead of the decision of the creditors’ meeting on the voluntary arrangement.
(5)
The Court shall not make an order under subsection (4) ( (a) at any time before the end of 28 days beginning with the first day on which each of the reports required by section 435 (2) has been made to the Court ; or
(b)
at any time when an application under section 435 (4) or an appeal in respect of such an application is pending, or at any time in the period within which such an appeal may be brought.