227P. Duty to manage company’s affairs, etc., in accordance with approved proposals

Question 1

227P. Duty to manage company’s affairs, etc., in accordance with approved proposals

Answer 1

General overview
[227P.01] Subject to s 227R, a judicial manager shall manage the business and affairs of the company in accordance with the proposals that were approved by the creditors at the creditors’ meeting held under s 227M. This section allows for any revision to the proposals by the judicial manager. However, such revisions shall have to go through the same process of notification and approval by creditors under s 227M and reporting the results thereof to the court under s 227N.