321. Arrangement when binding on company and creditors
(1) Any arrangement other than the arrangement referred to in section 319 entered
into between the company which is about to be, or is in the course of being wound up and its
creditors shall be binding on the company and on the creditors if it is sanctioned by a special
resolution of the company and acceded to by the creditors who hold three-fourths in value
of the total amount due to all the creditors of the company.
(2) Any creditor or contributory may, within three weeks from the completion of the
arrangement, apply to the Tribunal and the Tribunal may thereupon amend, vary, confirm or
set aside the arrangement.