Section 256: Effect of compromise

256. Effect of compromise (1) A compromise, including any amendment proposed at the meeting, shall be approved by creditors, or a class of creditors, where, at a meeting of creditors or that class of creditors conducted in accordance with section 256 of the Companies Act 1984, the compromise, including any amendment, is adopted in accordance with that section. (2) A compromise, including any amendment, approved by creditors or a class of creditors of a company in accordance with this Part is binding on the company and on— (a) all creditors; or (b) where there is more than one class of creditors, on all creditors of that class to whom notice of the proposal was given under section 255. (3) Where a resolution proposing a compromise, including any amendment, is put to the vote of more than one class of creditors, it shall be presumed, subject to the resolution, that the approval of the compromise, including any amendment, by each class is conditional on the approval of the compromise, including any amendment, by every other class voting on the resolution. (4) The proponent shall give written notice of the result of the voting to each known creditor, the company, any receiver or liquidator, and the Registrar.