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Part 6 · Insolvency plan  ›  Division 2 · Acceptance and approval of plan › Section 246

Consent of lower-ranking creditors of insolvency proceedings

The following supplemental provisions apply to acceptance of the insolvency plan by the lower-ranking insolvency creditors:

1.  The consent of the groups ranking lower than section 39 (1) no. 3 is deemed to have been given if none of the insolvency creditors receives an advantage under the plan compared with the creditors forming such groups.

2.  If none of the creditors forming a group votes at all, the consent of this group is deemed to have been given.

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