Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 14 · Voluntary Arrangements
277. Nominee
Feedback & supportEvery debtor making a proposal for the purpose of this Part must in such proposal appoint a nominee to act in relation to the voluntary arrangement either as trustee or otherwise for the purpose of supervising its implementation.
debtor
“debtor” means the individual to whom a debt repayment scheme applies under this Part;
No person may be appointed as a nominee unless that person is a licensed insolvency practitioner.
nominee
“nominee” means the person appointed by virtue of a debtor’s proposal for a voluntary arrangement under Part 14 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 280(3)(a) or an order under section 286(5); and(b)any person upon whom the functions of the nominee have been conferred by a creditors’ meeting pursuant to section 282(3);
The Minister may make regulations prescribing the scale of fees to be charged by nominees assisting debtors in respect of voluntary arrangements.
Minister
“Minister” means —(a)except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and(b)for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies;