805. Court sanction for compromise or arrangement

Past version: effective from 21/10/2015 - 20/10/2015
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(1) If:
(a) 75% in value of the creditors or class of creditors or if members or class of members (as the case may be) representing 75% of the voting rights of the members or class of members (as the case may be), present and voting either in person or by proxy at the meeting summoned under section 802, agree a compromise or arrangement, and
(b) where the compromise or arrangement relates to a non-ADGM LLP (as defined in section 1028 (minor definitions: general)), the Court is satisfied that the requirements of section 810(2) have been or are satisfied with respect to such non-ADGM LLP, the Court may, on an application under this section, sanction the compromise or arrangement.
(2) An application under this section may be made by —
(a) the LLP,
(b) any creditor or member of the LLP,
(c) if the LLP is being wound up, the liquidator, or
(d) if the LLP is in administration, the administrator.
(3) A compromise or arrangement sanctioned by the Court is binding on —
(a) all creditors or the class of creditors or on the members or class of members(as the case may be), and
(b) the LLP or, in the case of a LLP in the course of being wound up, the liquidator and contributories of the LLP.
(4) The Court's order has no effect until a copy of it has been delivered to the Registrar.