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64. Business and result of initial creditors' meeting

(1) An initial creditors' meeting to which an administrator's proposals are presented shall consider them and may —
(a) approve them without modification; or
(b) approve them with modification to which the administrator of the Company consents.
(2) Subject to subsection (1), the initial creditors' meeting may resolve that the Company execute a Deed of Company Arrangement specified in the resolution (even if it differs from the proposed Deed of Company Arrangement, details of which were included in the statement of proposals of the administrator of the Company).
(3) After the conclusion of an initial creditors' meeting the administrator of the Company shall as soon as is reasonably practicable report any decision taken to —
(a) the Court;
(b) the Registrar; and
(c) such other persons as may be prescribed.
(4) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with subsection (3).