This section has effect where pursuant to section 257 the debtor's creditors decide to approve the proposed voluntary arrangement (with or without modifications).
The approved arrangement—
takes effect as if made by the debtor at the time the creditors decided to approve the proposal, and
binds every person who in accordance with the rules—
was entitled to vote in the creditors' decision procedure by which the decision to approve the proposal was made, or
would have been so entitled if he had had notice of it,
as if he were a party to the arrangement.
If—
when the arrangement ceases to have effect any amount payable under the arrangement to a person bound by virtue of subsection (2)(b)(ii) has not been paid, and
the arrangement did not come to an end prematurely,
the debtor shall at that time become liable to pay to that person the amount payable under the arrangement.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Where proceedings on a bankruptcy petition have been stayed by an interim order which ceases to have effect under subsection (4), that petition is deemed, unless the court otherwise orders, to have been dismissed.