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- Insolvency
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Effect of scheme
A scheme with creditors becomes binding on the creditors and on the corporation only when:
- • it is agreed to by the required majority; and
- • it is approved by the court.
In addition, it will not take effect until a copy of the order approving the scheme is lodged with ASIC. A scheme may bind creditors in their rights against a third party. See Effect of scheme.
