207Compromises with creditors

1. Part 14 and Schedule 5 of the Companies Act 1993 apply to a society with all necessary modifications as if it were a company.

2. For the purposes of this subpart, a reference in Part 14 or Schedule 5 of the Companies Act 1993 to—

3. a creditor must be treated as including a reference to—
   1. a person who, in a liquidation, would be entitled to claim that the society owes a debt to them; and
   2. a secured creditor:
4. the board of directors of the company must be treated as a reference to the committee of the society:
5. a shareholder of the company must be treated as a reference to a member of the society:
6. a reference to the Registrar must be treated as a reference to the Registrar as defined in section 5.