The restructuring plan will take effect once approved by the creditors.
For your convenience, we will summarize it for you.
Unlike judicial management, a secured creditor may appoint a receiver to deal with the charged property of a company.
A company, may with the prior approval of its board of directors, effect insurance for its officers and auditors in respect of civil liability in their capacity as officers or auditors.
The company may recover from a shareholder, dividend which was not properly paid unless the shareholder has received the dividend in good faith and has no knowledge that the company did not satisfy the relevant solvency test.
While judicial management order is in force, the company may not be wound up, no receiver or receiver and manager can be appointed, no legal process can be commenced or continued against the company, no security can be enforced and no shares can be transferred.