Section 258: Powers of Court

258. Powers of Court (1) On the application of the proponent or the company, the Court may— (a) give directions in relation to a procedural requirement under this Part, or waive or vary any such requirement, where the Court is satisfied of the justification so to do; or (b) order that, during a period specified in the order, beginning not earlier than the date on which notice was given of the proposed compromise and ending not later than 14 days after the date on which notice was given of the result of the voting on it— (i) proceedings in relation to a debt owing by the company be stayed; or (ii) a creditor refrain from taking any other measure to enforce payment of a debt owing by the company. (2) Nothing in subsection (1) (b) affects the right of a secured creditor during that period to take possession of, realise, or otherwise deal with, property of the company over which that creditor has a charge. (3) Where the Court is satisfied, on the application of a creditor of a company who was entitled to vote on a compromise that— (a) insufficient notice of the meeting or of the matter required to be notified under section 255 (2) (b) was given to that creditor; (b) there was some other material irregularity in obtaining approval of the compromise; or (c) in the case of a creditor who voted against the compromise, the compromise is unfairly prejudicial to that creditor, or to the class of creditors to which that creditor belongs, the Court may order that the creditor shall not be bound by the compromise or make such other order as it thinks fit. (4) An application under subsection (3) shall be made not later than 14 days after the date on which notice of the result of the voting was given to the creditor.