223. Requirements for a deed

provide for a preferential claim to be paid otherwise than in priority to –

a preferential claim ranking behind that preferential claim; or

a claim that is not a preferential claim;

provide for satisfaction of a materially smaller proportion of the amount of one claim than of the amount of another equally ranked claim; or

contain any term that transfers shares in the company, varies a right attaching to shares in the company or varies the liabilities of or dilutes shareholders of the company.

treatment, under the deed of company arrangement, to which the relevant creditor consents;

a proposal for a compromise under Part X.

reasonable assumptions; and

a determination of claims as at the relevant date.

the treatment that a creditor would have received, for the purposes of subsection (1), had the liquidation of the company commenced immediately prior to the taking effect of the deed;

whether claims are equally ranked, for the purposes of paragraph (b) of subsection (2), account is to be taken of an agreement under which a creditor has agreed to accept a lower priority in respect of a debt than that which it would otherwise have.

be unfairly prejudicial to, or unfairly discriminatory against, one or more creditors; or

be contrary to the interests of the creditors as a whole.