56. Consequence of failure by debtor to comply with voluntary arrangement

Terms defined in this Act

• bankruptcy application

  bankruptcy application

  Defined · s 2

  “bankruptcy application” means an application to the court for a bankruptcy order;

  Open s 2
• creditor

  creditor

  Defined · s 2

  “creditor”, in relation to a debtor proposing a voluntary arrangement under Part V, means a creditor to whom the debtor owes a debt provable in bankruptcy;

  Open s 2
• debtor

  debtor

  Defined · s 56A

  “debtor” means the individual to whom a debt repayment scheme applies under this Part;

  Open s 56A
• nominee

  nominee

  Defined · s 2

  “nominee” means the person appointed by virtue of a debtor’s proposal for a voluntary arrangement under Part V to act as trustee or otherwise to supervise the implementation of the voluntary arrangement and includes —(a)any replacement of such person pursuant to a direction under section 49(3)(a) or an order under section 55(5); and(b)any person upon whom the functions of the nominee have been conferred by a creditors’ meeting pursuant to section 51(3);

  Open s 2