Cap. 631 Art. 39Affected parties to voteonadoptionof restructuring plan.

(1) A restructuring plan formulated in terms of this Act, other than a pre-approved restructuring plan that has already attained the written approval of the affected parties as necessary for the purposes of confirmation in terms of article 41 or 42, shall be submitted for adoption at a meeting of the affected parties to be convened by the insolvency practitioner.

(2) Not less than seven (7) days notice shall be given to the affected parties of the holding of the meeting, and the insolvency practitioner shall also send a copy of the notice to any officials of the debtor:

Provided that, in the event of a pre-approved restructuring proceeding, it shall be sufficient for the insolvency practitioner to provide notice to the affected parties that a pre-approved plan has attained the written approval of the affected parties as necessary for the purposes of approval in terms of articles 41 or 42, which notice shall be given not less than seven (7) days prior to the filing of an application to the Court for the confirmation of the restructuring plan in terms of article 41(2) or 42(2), as the case may be, such that any dissenting creditor may, if desirous, communicate the grounds pursuant to which they are in opposition to the adoption of the restructuring plan.

(3) The notice shall include a copy of the restructuring plan to be submitted for adoption at the meeting, for the consideration of the affected parties, or, in the event of pre-approved restructuring proceedings, a copy of the pre-approved restructuring plan.