Insolvency Act · 2022 Revised Edition · Part 2
17. Implementation of proposal
Official textFrom Attorney General's Chambers, unchanged
This section applies where a voluntary arrangement has effect under section 14(2).
voluntary arrangement
“voluntary arrangement” means the voluntary arrangement described in section 8.
The person who is for the time being carrying out, in relation to the voluntary arrangement, the functions conferred —
on the nominee by virtue of the approval given at one or both of the meetings summoned under section 11;
by virtue of section 10(4) or 12(2) on a person other than the nominee,
Insolvency is to be known as the supervisor of the voluntary arrangement.
If any of the company’s creditors or any other person is dissatisfied by any act, omission or decision of the supervisor, he may apply to the Court; and on the application, the Court may —
company
“company” means a company incorporated or registered under the Companies Act;
confirm, reverse or modify any act or decision of the supervisor;
give him directions;
require a dissenting creditor to receive as much under the voluntary arrangement as he would receive on a winding up; or
make such other order as it thinks fit.
The supervisor —
supervisor
“supervisor” means the supervisor of the voluntary arrangement referred to in section 17(2);
may apply to the Court for directions in relation to any particular matter arising under the voluntary arrangement; and
is included among the persons who may apply to the Court for the winding up of the company or for a judicial management order to be made in relation to it.
The Court may, whenever —
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
it is expedient to appoint a person to carry out the functions of the supervisor; or
it is inexpedient, difficult or impracticable for an appointment to be made without the assistance of the Court, make an order appointing a person, who is qualified to act as an insolvency practitioner or authorised to act as supervisor, in relation to the voluntary arrangement, either in substitution for the existing supervisor or to fill a vacancy.
The power conferred by subsection (5) is exercisable so as to increase the number of persons exercising the functions of supervisor or, where there is more than one person exercising those functions, so as to replace one or more of those persons.
Insolvency 34
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
supervisor
Defined · s 3“supervisor” means the supervisor of the voluntary arrangement referred to in section 17(2);
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