I NSOI YENCY No. 7/2018 Cap. 6:07 rescue proceedings, and that had not been paid immediately before the beginning of those proceedings; and (b) in the case of a defined benefit pension scheme, the present value at the commencement of the corporate rescue proceedings of any unfunded liability under that scheme. (5) The rights set out in this section arc in addition to any other rights arising or accruing in terms of any law, contract, collective agreement, shareholding, security or Court order. 138 Participation by creditors (I) Each creditor is entitled to- (a) notice of each Court proceeding, decision, meeting or other rele\·ant e\·cnt concerning the corporate rescue proceedings; and (b) participate in any Court proceedings arising during the corporate rescue proceedings; and (c) formally participate in a company's corporate rescue proceedings to the extent provided for in this Part; and (d) informally participate in those proceedings by making proposals for a corporate rescue plan to the corporate rescue practitioner. (2) In addition to the rights set out in subsection (1), each creditor has(a) the right to vote to amend, approve or reject a proposed corporate rescue plan, in the manner contemplated in section 144; and (b) if the proposed corporate rescue plan is rejected, a further right to(i) propose the development of an alternative plan, in the manner contemplated in section 145; or (ii) present an offer to acquire the interests of any or all of the other creditors in the manner contemplated in section 145. (3) The creditors of a company are entitled to form a creditors' committee, and through that committee are entitled to be consulted by· the corporate rescue practitioner during the development of the corporate rescue plan. (4) In respect of any decision contemplated in this Part that requires the support of the holders of creditors' voting interests(a) a secured or unsecured creditor has a voting interest equal to the value of the amount owed to that creditor by the company; and (b) an unsecured creditor who would be subordinated in a liquidation in terms of a subordination agreement has a voting interest, as independently and expertly appraised and valued at the request of the practitioner, equal to the amount, if any, that the creditor could reasonably expect to receive in such a liquidation of the company. (5) The corporate rescue practitioner of a company must( a) determine whether a crcdi tor is independent for the purposes of this Part; and (b) request a suitably qualified person to independently and expertly appraise and value an interest contemplated in subsection (4)(b); and (c) give a written notice of the determination, or appraisal and valuation. to the person concerned at least 15 business days before the date of the meeting to be convened in terms of section 143. (6) Within five business days after receiving a notice of a determination contemplated in subsection (5). a person may apply to a Court to300