Cap. 13 ст. 521Proposed terms shall be agreed upon by majority of creditors.

(1) The registrar shall draw up a of the procès verbal proceedings that have been held and of the resolutions passed at such meetings.

(2) Only classes of creditors shall be entitled to vote, and the proposed terms shall be deemed to be approved by the body of creditors upon receiving the approval of each class of creditors.

(3) The vote of a class of creditors shall be exercised on the basis of a resolution of the creditors comprising that class, which resolution shall be supported by at least seventy-five percent (75%) of the said creditors by reference to the value of the debts represented thereby, for the purpose of approval.

(4) Where such agreement does not secure the support of each class of creditors in terms of sub-article (2), the proposed terms shall be approved by the court in accordance with article 523, where the court is satisfied that the proposed terms:

(a) shall not result in a dissenting creditor within a dissenting creditors’ class being worse off under the proposed terms than that dissenting creditor would be if the terms were not approved and proceedings were instead undertaken in terms of Title VI;

(b) do not purport to allow any class of creditors to receive economic value in excess of the full amount of the debts pertaining thereto;

(c) ensure that any dissenting class of creditors is treated at least as favourably as any other class of creditors whose debts would, if the normal ranking of creditors were to be applied, rank with the debts pertaining to the pari passu dissenting class of creditors, and more favourably than any other class of creditors whose debts would rank below the debts pertaining to the dissenting class; and

(d) have received the approval of classes of creditors representing, by reference to the value of the debts represented thereby, at least fifty percent (50%) by reference to the value of the debts.

(5) The Civil Court (Commercial Section) shall have the authority to examine and approve any request by tutors or curators of creditors for their approval or otherwise of the proposed terms and their execution.