Section 10
Procedure where nominee is not liquidator or judicial manager
(1)
This section applies where the nominee under section 8(4) is not the liquidator or judicial manager of the company and the directors do not propose to take steps to obtain a moratorium under section 9 for the company.
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(2)
The nominee shall, within 28 days or such longer period as the
Court may allow, after he is given notice of the proposal for a voluntary arrangement, submit a report to the Court stating —
(a)
whether, in his opinion, the proposed voluntary arrangement has a reasonable prospect of being approved and implemented;
(b)
whether, in his opinion, meetings of the company and of its creditors should be summoned to consider the proposal; and
(c)
if in his opinion such meetings should be summoned, the date on which, and time and place at which, he proposes the meetings should be held.
(3)
For the purposes of enabling the nominee to prepare his report, the person intending to make the proposal under section 8 shall submit to the nominee —
(a)
a document setting out the terms of the proposed voluntary arrangement; and
(b)
a statement as to the affairs of the company containing —
(i)
such particulars of its creditors and of its debts and other liabilities and of its assets as may be prescribed;
and
(ii)
such other information as may be prescribed.
(4)
The Court may —
(a)
on an application made by the person intending to make the proposal under section 8, in a case where the nominee has failed to submit the report required by this section or has died; or
(b)
on an application made by such person or the nominee, in a case where it is impracticable or inappropriate for the nominee to continue to act as such, direct that the nominee be replaced as such by another person qualified to act as an insolvency practitioner, or authorised to act as nominee, in relation to the voluntary arrangement.
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