Cap. 13 Art. 522Proposal of fresh terms.

(1) If the proposed terms are not deemed to have been approved by the creditors in accordance with article 521(3), the bankrupt, or any of the creditors, shall have the right during the same meeting, to, prior to the approval referred to in article 523, request the court to permit that the creditors submit a round of fresh terms within not more than fourteen (14) days of the refusal of the proposed terms, and in such case, the court shall allow the bankrupt and bankruptcy trustee to be heard before granting such leave

(2) When the court has granted leave for the proposal of fresh terms, it shall call a new meeting in terms of article 518, that shall be held not later than thirty (30) days from the granting of such leave, for the approval of the fresh terms. Any fresh terms shall be submitted to the bankruptcy trustee at least seven (7) days prior to such meeting, and the bankruptcy trustee shall undertake to discuss the fresh terms with the bankrupt prior to the meeting.

(3) The provisions of this article for the court to grant leave for the proposal of a round of fresh terms may only be availed of once:

Provided that any creditor may propose fresh terms during the meeting to be held in terms of sub-article (2), and when alternative terms are proposed for approval, all of the alternative proposed terms shall be considered.

(4) Where multiple alternative proposed terms are approved in accordance with article 521(3), the court shall identify the proposed terms that enjoy the broadest support by reference to the value of the debts represented by the creditors voting in favour, and such terms shall prevail to the exclusion of all others.