The debtor and creditors had entered into a individual voluntary arrangement, but the meeting had not been sanctiond by the prior authorisation of the court as required. Despite its continuance for three years, and the parties having acted upon it, the supervisor decided that the appointment had been void. On appeal to the court it was held that the procedure was intended to protect the debtor, and that without the statutory interim order authorising the meeting the appointment must be void, and could not receive retrospective approval.
Citations:
Gazette 23-Mar-2000
Statutes:
Insolvency Act 1986 253 256 257
Insolvency
Updated: 11 April 2022; Ref: scu.135963
