Power to compromise with creditors and members
210. —(1) Where a compromise or arrangement is proposed between a company
and its creditors or any class of them or between the company and its members or
any class of them, the Court may, on the application in a summary way of the
company or of any creditor or member of the company, or, in the case of a
company being wound up, of the liquidator, order a meeting of the creditors or
class of creditors or of the members of the company or class of members to be
summoned in such manner as the Court directs.
(2) A meeting held pursuant to an order of the Court made under subsection (1)
may be adjourned from time to time if the resolution for adjournment is approved
by a majority in number representing three-fourths in value of the creditors or class
of creditors or members or class of members present and voting either in person or
by proxy at the meeting.
(3) If a majority in number representing three-fourths in value of the creditors or
class of creditors or members or class of members present and voting either in
person or by proxy at the meeting or the adjourned meeting agrees to any
compromise or arrangement, the compromise or arrangement shall, if approved by
order of the Court, be binding on all the creditors or class of creditors or on the
members or class of members, as the case may be, and also on the company or, in
the case of a company in the course of being wound up, on the liquidator and
contributories of the company.
(3A) Where the company is a banking corporation, the Monetary Authority of
Singapore established under the Monetary Authority of Singapore Act (Cap. 186)
shall have the same powers and rights as a creditor of the company under the
Companies Act including the right to appear and be heard before a Court in any
proceedings under this section, but shall not have the right to vote at any meeting
summoned under this section.
(4) Subject to subsection (4A), the Court may grant its approval to a