Bankruptcy Ordinance

(1)
Where the meeting summoned under
section 20E
approves the proposed voluntary arrangement (with or without modifications
)—
(a)
the approved
arrangement—
(i)
takes effect as if made by the debtor at the meeting; and
(ii)
binds every person who in accordance with the rules had notice of, and was entitled to vote at, the meeting (whether or not he was present or represented at it) as if he were a party to the arrangement; and
(b)
any interim order in force in relation to the debtor immediately before the end of the period of 28 days beginning with the day on which the report with respect to the creditors’ meeting was made to the court under
section 20G
ceases to have effect at the end of that period.
(2)
Subsection
(1
)(
b)
applies except to such extend as the court may direct for the purposes of any application under
section 20J
.
(3)
Where proceedings on a bankruptcy petition have been stayed by an interim order which ceases to have effect under subsection
(1
)(
b)
, that petition is deemed, unless the court otherwise orders, to have been dismissed.