12.8.4 Requirements for acceptance

A plan should be considered to have been accepted if all classes have voted in favour, i.e. if a majority within each class has voted in favour.

A class should be considered to have voted in favour if the claims of the creditors who voted in favour represent two-thirds of the claims of all creditors within that class who participated in the vote. The required majority should be determined solely by amount. There should be no requirement for a majority in terms of the number of creditors voting in favour (no head count).

A physical meeting should be required neither for the purpose of voting, nor at all. It should also be possible to vote without holding a formal meeting, for example electronically.