65. Revision of administrator's proposals

(1) This Section applies where —
(a) the proposals of an administrator of a Company have been approved (with or without modification) at an initial creditors' meeting;
(b) he proposes a revision to the proposals; and
(c) he thinks that the proposed revision is substantial.
(2) The administrator of the Company shall —
(a) summon a creditors' meeting;
(b) send a statement in the prescribed form of the proposed revision with the notice of the meeting sent to each creditor who is not an opted-out creditor;
(c) send a copy of the statement, within five (5) business days of sending out the statement in accordance with paragraph (b), to each member of the Company of whose address he is aware; and
(d) present a copy of the statement to the meeting.
(3) The administrator of a Company shall be taken to have complied with subsection (2)(c) if he publishes (in such a manner as he thinks fit) a notice undertaking to provide a copy of the statement free of charge to any member of the Company who applies in writing to a specified address.
(4) A notice under subsection (3) must be published —
(a) in the prescribed manner; and
(b) within the prescribed period.
(5) A creditors' meeting to which a proposed revision is presented shall consider it and may —
(a) approve it without modification; or
(b) approve it with modification to which the administrator of the Company consents.
(6) Subject to subsection (5), the creditors' meeting may resolve that the Company execute a Deed of Company Arrangement specified in the resolution (even if it differs from the proposed Deed of Company Arrangement, details of which were included in the statement of revised proposals of the administrator of the Company).
(7) After the conclusion of a creditors' meeting the administrator of the Company shall as soon as is reasonably practicable report any decision taken to —
(a) the Court;
(b) the Registrar; and
(c) such other persons as may be prescribed.
(8) An administrator of a Company commits a contravention and is liable to a fine at the relevant level set out in the Fines Schedule if he fails without reasonable excuse to comply with subsection (7).