Section 490

(1) An initial creditors' meeting to which an administrator's proposals are presented shall consider them and may approve them-

(a) without modification; or

(b) with modification to which the administrator consents.

(2) After the conclusion of an initial creditors' meeting the administrator shall, as soon as is reasonably practicable, report any decision taken to-

(a) the Court;

(b) the Commission; and

(c) such other persons as may be prescribed by the Minister.

(3) An administrator commits an offence if he fails, without reasonable excuse, to comply with subsection (2).