Section 515 CAMA 2020

Section 515 Companies and Allied Matters Act is about Meaning of consent for purposes of section 513(2) (b) of this Act. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.

(1) In section 513 (2) (b) of this Act, “consent” means consent of—(a) each secured creditor of the company ; and

(b) if the company has unsecured debts, creditors whose debts amount to more than 50% of the company’s unsecured debts, without regard to the debts of any creditor who does not respond to an invitation to give or withhold consent.

(2) Where the Administrator has made a statement under section 486 of this Act, “consent”, in section 513 (2) (b) of this Act, means—

(a) consent of each secured creditor of the company ; or

(b) if the administrator thinks that a distribution may be made to preferential creditors, consent of—

(i) each secured creditor of the company, and

(ii) preferential creditors whose debts amount to more than 50% of the preferential debts of the company, without regard to the debts of any creditor who does not respond to an invitation to give or withhold consent.