Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 14 · Voluntary Arrangements
280. Nominee’s report on debtor’s proposal
Feedback & supportWhere an interim order has been made, the nominee must, before the order ceases to have effect, submit a report to the Court stating —
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);
whether, in the opinion of the nominee, a meeting of the debtor’s creditors should be summoned to consider the debtor’s proposal; and
if in the opinion of the nominee such a meeting should be summoned, the date on which, and the time and place at which, the nominee proposes the meeting should be held.
For the purpose of enabling the nominee to prepare the report mentioned in subsection (1), the debtor must submit to the nominee —
debtor
“debtor” means the individual to whom a debt repayment scheme applies under this Part;
a document setting out the terms of the voluntary arrangement which the debtor is proposing; and
a statement of the debtor’s affairs containing —
where the debtor is an individual, such particulars of his or her assets, creditors, debts and other liabilities as may be prescribed;
where the debtor is a firm, such particulars of the assets, creditors, debts and other liabilities of the firm and of each partner in the firm, as may be prescribed; and
such other information as may be prescribed.
Where the nominee has failed to submit the report required by this section within the time given, the Court may, on an application made by the debtor, do one or both of the following:
direct that the nominee be replaced by another person qualified to act as a nominee;
direct that the interim order is to continue, or if it has ceased to have effect be renewed, for such further period as the Court thinks fit.
The Court may, on the application of the nominee, extend the period for which the interim order has effect so as to allow the nominee to have more time to prepare the report mentioned in subsection (1).
If the Court is satisfied on receiving the nominee’s report that a meeting of the debtor’s creditors should be summoned to consider the debtor’s proposal, the Court must direct that the period for which the interim order has effect is extended for such further period as the Court thinks fit, for the purposes of enabling the debtor’s proposal to be considered by the debtor’s creditors, and the nominee to report to the Court the results of the meeting of the debtor’s creditors, in accordance with sections 281 to 283.
The Court may discharge the interim order if it is satisfied, on the application of the nominee —
that the debtor has failed to comply with subsection (2); or
that for any other reason it would be inappropriate for a meeting of the debtor’s creditors to be summoned to consider the debtor’s proposal.