Section 490: Business and result of initial creditors’ meeting.

(1) An initial creditors’ meeting to which an administrator’s proposals are presented shall consider them and may approve them—
(a) without modification; or
(b) with modification to which the administrator consents.
(a) without modification; or
(b) with modification to which the administrator consents
(2) After the conclusion of an initial creditors’ meeting the administrator shall, as soon as is reasonably practicable, report any decision taken to—
(a) the Court ;
(b) the Commission; and
(c) such other persons as may be prescribed by the Minister
(3) An administrator commits an offence if he fails, without reasonable excuse, to comply with subsection (2).