5. What are the consequences for Miss M if her proposal is approved?
Once the proposal is approved during the creditors' meeting, it will legally bind every creditor and Miss M. The proposal is effective from the date of the meeting. The Chairman of the meeting must submit a report to the Court within 7 days of the creditors' meeting. Miss M must follow the approved proposal to repay her debts.
Any bankruptcy petition entered previously against Miss M will be dismissed by the Court. The Court can cancel any existing Bankruptcy Order with or without conditions.