Hong Kong Ordinances

BANKRUPTCY ORDINANCE - SECT 20F

Decisions of creditors' meeting

(1) A creditors' meeting summoned under section 20E shall decide whether to
approve the proposed voluntary arrangement.

(2) The meeting may approve the proposed voluntary arrangement with
modifications, but shall not do so unless the debtor consents to each
modification.

(3) The meeting shall not approve any proposal or modification which affects
the right of a secured creditor of the debtor to enforce his security, except
with the concurrence of the creditor concerned.

(4) The meeting shall not approve any proposal or modification under which-

   (a)  any debt of the debtor that is given priority under section 38 is to
        be paid otherwise than in priority to such of his debts as are not
        given such priority; or

   (b)  a creditor of the debtor in respect of a debt that is given priority
        under section 38 is to be paid an amount that is less than he would be
        entitled to under the provisions of that section, except with the
        concurrence of the creditor concerned.

(5) The meeting shall be conducted in accordance with the rules. (Added 76 of
1996 s. 13)