Section 515

(1) In section 513 (2) (b) of this Act, "consent" means consent of-

(a) each secured creditor of the company; and

(b) if the company has unsecured debts, creditors whose debts amount to more than 50% of the company's unsecured debts, without regard to the debts of any creditor who does not respond to an invitation to give or withhold consent.

(2) Where the Administrator has made a statement under section 486 of this Act, "consent", in section 513 (2) (b) of this Act, means-

(a) consent of each secured creditor of the company; or

(b) if the administrator thinks that a distribution may be made to preferential creditors, consent of -

(i) each secured creditor of the company, and

(ii) preferential creditors whose debts amount to more than 50% of the preferential debts of the company, without regard to the debts of any creditor who does not respond to an invitation to give or withhold consent.