(1) If a majority in number representing 75% in value of the creditors or class of creditors or members or class of members (as the case may be), present and voting either in person or by proxy at the meeting summoned under section 896, agree a compromise or arrangement, the court may, on an application under this section, sanction the compromise or arrangement.

(1A) Subsection (1) is subject to section 899A (moratorium debts, etc).

(2) An application under this section may be made by -

(a) the company,

(b) any creditor or member of the company, or

(c) if the company is being wound up, the liquidator, or

(d) if the company is in administration, the administrator.

(3) A compromise or arrangement sanctioned by the court is binding on -

(a) all creditors or the class of creditors or on the members or class of members (as the case may be), and

(b) the company or, in the case of a company in the course of being wound up, the liquidator and contributories of the company.