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3. Extra-judicial approach.<br />
Out of court proceedings should be encouraged. They<br />
may operate under the shadow of law. They may be<br />
designed as a pre-requisite to filing formal proceedings.<br />
Creditors should have a fair assurance that its rights<br />
are protected.<br />
Court approvals may be given to make the schemes of<br />
arrangement binding.<br />
Professional independent debt counseling is critical.