Companies Act 2014
General rule: liability of third person not affected by compromise or scheme of arrangement | ||
548. (1) Notwithstanding section 541 (7), the liability shall not be affected by the fact that the debt is the subject of a compromise or scheme of arrangement that has taken effect under section 542 (3), but this is subject to subsections (2) and (3). | ||
(2) The third person and the creditor may provide in an agreement between them that the liability shall be so affected. | ||
(3) Neither subsection (1) nor any of the subsequent provisions of this Chapter shall apply if the third person is a company to which an examiner has been appointed. |