Blueprint (Pty) Ltd specialises in the printing of textbooks. The current trend to move away from publishing hard copies of textbooks towards publishing textbooks electronically is threatening its future business prospects. Although Blueprint (Pty) Ltd is not yet in financial distress, its board of directors is considering whether it can propose an arrangement with the company's creditors in terms of which the company will pay 80 percent of all creditors' claims against it in full and final settlement of the claims. The board anticipates that most of the creditors will accept its proposal and that only a small minority of the creditors will reject it. Advise the board of directors of Blueprint (Pty) Ltd on a specific procedure in terms of the Companies Act 71 of 2008 that would make the board's proposal in this case binding on all creditors if the proposal is accepted by most of them, and indicate the requirements and formalities that must be complied with when implementing that procedure.