Singapore legislation
Clause 55
Clause 55
Implementation and supervision of approved voluntary arrangement
(1)
Where a voluntary arrangement approved by a creditors’ meeting summoned under section 50 has taken effect, the nominee shall supervise the implementation of the voluntary arrangement.
(2)
If the debtor or any of his creditors is dissatisfied by any act, omission or decision of the nominee in his supervision of the implementation of the voluntary arrangement, the debtor or creditor may apply to the court to review such act, omission or decision and, on hearing such an application, the court may —
confirm, reverse or modify any act or decision of the nominee; or
give such directions to the nominee or make such order as it thinks fit.
(3)
The nominee may apply to the court for directions in relation to any particular matter arising under the voluntary arrangement.
(4)
The court may, whenever —
it is expedient to appoint a person to carry out the functions of the nominee; and
it is inexpedient, difficult or impracticable for such an appointment to be made without the assistance of the court,make an order appointing a person who is qualified to act as a nominee, either in substitution for the existing nominee or to fill a vacancy.