414Requirements for binding compromise or arrangement

#### 414 Requirements for binding compromise or arrangement 414 Requirements for binding compromise or arrangement > > (1) A compromise or arrangement is binding only if it is approved by order of the Supreme Court and it is agreed to— > > > > > (a) if the compromise or arrangement is between the co-operative and any of its creditors—at a court ordered meeting by a majority in number of the creditors concerned who are present and voting (in person or by proxy), being a majority whose debts or claims against the co-operative amount to at least 75% of the total of the debts and claims of all creditors who are present and voting (in person or by proxy); or > > > > > (b) if the compromise or arrangement is between the co-operative and any of its members—by the members concerned, by special resolution passed by a special postal ballot. > > > (2) The court ordered meeting referred to in subsection (1) (a) is a meeting called in accordance with an order of the Supreme Court under this Part. > > > (3) The Supreme Court may give its approval to a compromise or arrangement subject to the amendments or conditions it considers appropriate. > > > (4) An order of the Supreme Court approving a compromise or arrangement does not have effect until an office copy of the order is filed with the Registrar. > > > (5) On the copy being filed, the order takes effect from the date of filing or the earlier date the Supreme Court states in the order.