the reasons for it; sets out the reasonably foreseeable consequences for creditors of the company if the resolution for compromise is approved; and sets out the extent of any interest of a director in the proposed compromise; and a copy of the list or lists of creditors. Creditors meeting on proposed compromise (1) A compromise, including any amendment proposed at a meeting, is approved by creditors or a class of creditors, if at a meeting of creditors, or that class of creditors conducted in accordance with the articles of incorporation, the compromise, including any amendment, is adopted. A quorum for the approval of a compromise by the creditors or a class of creditors pursuant to subsection (1) may be met by the presence in person or by proxy of either a majority of the number of creditors or creditors representing 75 percent of the value of the amounts owed. A resolution approving a compromise shall be adopted by majority vote, both by number and by value of the amounts owed of all creditors or class of creditors present in person or by proxy, otherwise the compromise shall be deemed not to have been approved. A compromise approved by creditors or a class of creditors of a company is binding on the company and on all creditors or class of creditors to whom notice of the proposal was given. If a resolution that proposes a compromise is put to the vote of more than one class of creditors, it shall be presumed, unless the contrary is expressly stated in the resolution that the approval of the compromise by each class is conditional on the approval of the compromise by every other class that votes on the resolution. The proposer shall notify the result of the voting in writing to each known creditor, the company, judicial manager or liquidator.
the reasons for it; sets out the reasonably foreseeable consequences for creditors of the company if the resolution for compromise is approved; and sets out the extent of any interest of a director in the proposed compromise; and a copy of the list or lists of creditors. Creditors meeting on proposed compromise (1) A compromise, including any amendment proposed at a meeting, is approved by creditors or a class of creditors, if at a meeting of creditors, or that class of creditors conducted in accordance with the articles of incorporation, the compromise, including any amendment, is adopted. A quorum for the approval of a compromise by the creditors or a class of creditors pursuant to subsection (1) may be met by the presence in person or by proxy of either a majority of the number of creditors or creditors representing 75 percent of the value of the amounts owed. A resolution approving a compromise shall be adopted by majority vote, both by number and by value of the amounts owed of all creditors or class of creditors present in person or by proxy, otherwise the compromise shall be deemed not to have been approved. A compromise approved by creditors or a class of creditors of a company is binding on the company and on all creditors or class of creditors to whom notice of the proposal was given. If a resolution that proposes a compromise is put to the vote of more than one class of creditors, it shall be presumed, unless the contrary is expressly stated in the resolution that the approval of the compromise by each class is conditional on the approval of the compromise by every other class that votes on the resolution. The proposer shall notify the result of the voting in writing to each known creditor, the company, judicial manager or liquidator.
act_18_of_2011_docx_15688.docx