Section 254: Compromise proposal

254. Compromise proposal (1) Any of the persons specified in subsection (2) may propose a compromise under this Part where he has reason to believe that a company is, or is likely to be, unable to pay its debts within the meaning of section 2 (11) of the Companies Act 1984. (2) The persons referred to in subsection (1) shall be— (a) the Board of directors of the company; (b) a receiver appointed in relation to the whole or substantially the whole of the assets and undertaking of the company; (c) a liquidator of the company; or (d) with the leave of the Court, any creditor or shareholder of the company. (3) Where the Court grants leave to a creditor or shareholder under subsection (2) (d), the Court may make an order directing the company to supply to the creditor or shareholder, within such time as may be specified, a list of the names and addresses of the company’s creditors showing the amounts owed to each of them or such other information as may be specified to enable the creditor or shareholder to propose a compromise.