Section 70: Confirming resolution

70. Confirming resolution (1) The composition shall be of no effect unless the creditors confirm the composition by a second special resolution to be known as the confirming resolution. (2) The creditors may confirm the composition on terms that are different from the terms contained in the preliminary resolution, if the final terms are at least as favourable to the creditors as the terms set out in the preliminary resolution. (3) The notice of the meeting to pass the confirming resolution shall— (a) state generally the terms of the composition; and (b) be accompanied by a report by the Official Receiver. I14 – 45 [Issue 9] Insolvency Act (4) Where the composition provides for the payment in full of all creditors whose respective debts do not exceed a certain amount, that class of creditors shall not be counted either in number or value for the purpose of counting the requisite majority of creditors for passing the confirming resolution.