This Chapter applies where
(a)in the case of a company which is being wound up or in relation to which an administration order is in force, the liquidator or administrator intends; or
(b)in the case of any other company, the directors intend,
to make a proposal to the company and to its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs, being a proposal which provides for some person who is qualified to act as an insolvency practitioner in relation to the company (in this Chapter referred to as " the nominee ") to act in relation to the composition or scheme either as trustee or otherwise for the purpose of supervising its implementation.