Section 375 — Arrangement when binding on company and creditors

(1)
Any arrangement other than the arrangement referred to in section 356 entered into
between a 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 twenty-one days from the
completion of the arrangement, appeal to the Court against it, and the Court may
thereupon, as it thinks just, amend, vary, confirm or set aside the arrangement.