Insolvency Act · 2022 Revised Edition · Part 2
10. Procedure where nominee is not liquidator or judicial manager
Official textFrom Attorney General's Chambers, unchanged
This section applies where the nominee under section 8(4) is not the liquidator or judicial manager of the company and the directors do not propose to take steps to obtain a moratorium under section 9 for the company.
company
“company” means a company incorporated or registered under the Companies Act;
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insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
The nominee shall, within 28 days or such longer period as the
Court may allow, after he is given notice of the proposal for a voluntary arrangement, submit a report to the Court stating —
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
whether, in his opinion, the proposed voluntary arrangement has a reasonable prospect of being approved and implemented;
whether, in his opinion, meetings of the company and of its creditors should be summoned to consider the proposal; and
if in his opinion such meetings should be summoned, the date on which, and time and place at which, he proposes the meetings should be held.
For the purposes of enabling the nominee to prepare his report, the person intending to make the proposal under section 8 shall submit to the nominee —
a document setting out the terms of the proposed voluntary arrangement; and
a statement as to the affairs of the company containing —
such particulars of its creditors and of its debts and other liabilities and of its assets as may be prescribed;
and
such other information as may be prescribed.
The Court may —
on an application made by the person intending to make the proposal under section 8, in a case where the nominee has failed to submit the report required by this section or has died; or
on an application made by such person or the nominee, in a case where it is impracticable or inappropriate for the nominee to continue to act as such, direct that the nominee be replaced as such by another person qualified to act as an insolvency practitioner, or authorised to act as nominee, in relation to the voluntary arrangement.
Insolvency
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
document
Defined · s 3“document” includes summons, notice, order and other legal process, and registers;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
voluntary arrangement
Defined · s 3“voluntary arrangement” means the voluntary arrangement described in section 8.
Part 3
Part
Judicial Management
Part
Winding Up of Companies Registered Under Companies Act
Chapter I
Chapter II
Chapter III
Chapter IV
Chapter V
Chapter VI
Chapter VII
Chapter VIII
Chapter IX
Chapter X
Part