Cap. 631 Art. 36Approval of terms of pre-formulated restructuring plan.

(1) As may be conducive to the approval of the terms of a pre-formulated restructuring plan, the insolvency practitioner may, at the request of the debtor, invite an affected party, or class of affected parties, to engage in bona fide discussions with the debtor in connection with the pre-formulated restructuring proposal, for the purpose of hearing the views of the affected parties.

(2) A pre-formulated restructuring plan may, subject to the agreement of the debtor, be submitted by the insolvency practitioner for adoption by the affected parties in terms of Part VI of this Act, provided that it is reasonably apparent that:

(a) affected parties with a sufficient commonality of interest in the same class are treated equally, and in a manner proportionate to their claim; and

(b) any new financing proposed in the restructuring plan is necessary to implement the restructuring plan and does not unfairly prejudice the interests of the affected parties.