Report No. 26
35. Order on approval.-(1) If the court approves the proposal, the terms shall be embodied in an order of the court, and the order of adjudication shall be annulled, and the provisions of section 32 shall thereupon apply, and the composition or scheme shall be binding on all the creditors so far as relates to any debt due to them from the insolvent and provable in insolvency.
[Section 39, P.A.] [Cf. section 30(1), P.T.A.]
(2) The provisions of the composition or scheme may, on application by any person interested, be enforced by the court in the manner provided for the execution of decrees in the Code of Civil Procedure, 1908, as if the composition or scheme were a decree containing such provisions.
[New] [Cf. section 30(2), P.T.A., modified]
(3) Notwithstanding the acceptance and approval of a composition or scheme, the composition or scheme shall not be binding on any creditor so far as regards a debt or liability from which, under the provisions of this Act, the insolvent would not be discharged by an order of discharge in insolvency, unless the creditor assents to the composition or scheme.
[New] [Cf. section 32, P.T.A.]