Revised Laws of Saint Lucia (2021)

4.   Power to compromise with creditors

1.  

   (1)   Subject to the requirements under subsection (2), where an Arrangement is proposed, the Court may, on the application of BAICO, order a Meeting to be summoned in such manner as the Court directs.

1.  

   (2)   The Court shall not make an order under subsection (1), unless it is satisfied that —

   1.  

      (a)     either —

      1.  

         (i)     each EC Court and the Home Court has considered and issued an order with respect to the draft Directions Order under its Arrangement Legislation, or

      1.  

         (ii)     if any EC Court or the Home Court has not issued such an order, at least twenty-eight days has passed from the date that the draft Directions Order was filed with the relevant court; and

   1.  

      (b)     if an EC Court or the Home Court has, in accordance with its own Arrangement Legislation, considered the draft Directions Order, and made additions or deletions to ensure that adequate notice will be provided to BAICO's creditors in that territory, those additions or deletions have been made to, or are not inconsistent with, the draft order that BAICO proposed the Court make under subsection (1).

1.  

   (3)   If a majority in number representing three-fourths in value of the creditors or class of creditors of BAICO, present and voting in person or by proxy at the Meeting, agree to the Arrangement, the Arrangement shall, if sanctioned by the Court, be binding on all the creditors or any class of creditors, wherever located, and on BAICO.

1.  

   (4)   The Judicial Manager shall, within seven days of the Court making a Sanction Order, provide a copy of that Order to each Other Officer.

1.  

   (5)   The Arrangement shall become binding on all creditors of BAICO wherever located, and on BAICO, when all of the following have taken place —

   1.  

      (a)     the Sanction Order is delivered to the Registrar of Companies in Saint Lucia for registration;

   1.  

      (b)     the Home Court has granted a Recognition Order under its Arrangement Legislation; and

   1.  

      (c)     a copy of —

      1.  

         (i)     the Sanction Order made by the Court, and

      1.  

         (ii)     the Recognition order made by the Home Court, have been delivered to the Registrar of Companies in the Home Territory for registration.