Cap. 631 Art. 28Objection to ranking of claims and formation of classes.

(1) Any affected party may object to the proposed ranking of claims and the formation of classes, in writing, to the insolvency practitioner within twenty (20) days of the meeting held in terms of article 27: Provided that a failure to object to the proposed ranking of claims shall not constitute the acceptance, by the affected party, of the ranking of claims for purposes external to the preventive restructuring proceedings, including but not limited to subsequent insolvency proceedings.

(2) The insolvency practitioner shall investigate any objections received to the proposed ranking of claims and the formation of classes, and shall revise the ranking of claims and the formation of classes as it may deem necessary in discussion with the officials of the debtor, and shall notify any revisions to the affected parties.

(3) The insolvency practitioner’s ranking of claims and the formation of classes in terms of sub-article (2) may only be challenged before the Court during the procedure for the confirmation of a restructuring plan by the Court, as contemplated in article 43(1).