SCHEDULES
F2C1C2SCHEDULE A1 Moratorium where directors propose voluntary arrangement
Sch. A1 applied (with modifications) (E.W.) (1.1.2003) by S.I. 1994/2421, art. 4(1), Sch. 1 (as amended (1.1.2003) by S.I. 2002/2708, arts. 4-6 (with transitional provisions in art. 11) and (1.7.2005) by S.I. 2005/1516, art. 6)
Sch. A1 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1, 15, Sch. 2 para. 7
Part V Consideration and implementation of voluntary arrangement
Implementation of voluntary arrangement
F139
1
This paragraph applies where a voluntary arrangement approved by one or both of the meetings summoned under paragraph 29 has taken effect.
2
The person who is for the time being carrying out in relation to the voluntary arrangement the functions conferred—
a
by virtue of the approval of the arrangement, on the nominee, or
b
by virtue of paragraph 31(2), on a person other than the nominee,
shall be known as the supervisor of the voluntary arrangement.
3
If any of the company’s creditors or any other person is dissatisfied by any act, omission or decision of the supervisor, he may apply to the court.
4
On an application under sub-paragraph (3) the court may—
a
confirm, reverse or modify any act or decision of the supervisor,
b
give him directions, or
c
make such other order as it thinks fit.
5
The supervisor—
a
may apply to the court for directions in relation to any particular matter arising under the voluntary arrangement, and
b
is included among the persons who may apply to the court for the winding up of the company or for an administration order to be made in relation to it.
6
The court may, whenever—
a
it is expedient to appoint a person to carry out the functions of the supervisor, and
b
it is inexpedient, difficult or impracticable for an appointment to be made without the assistance of the court,
make an order appointing a person who is qualified to act as an insolvency practitioner, or authorised to act as supervisor, in relation to the voluntary arrangement, either in substitution for the existing supervisor or to fill a vacancy.
7
The power conferred by sub-paragraph (6) is exercisable so as to increase the number of persons exercising the functions of supervisor or, where there is more than one person exercising those functions, so as to replace one or more of those persons.
Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)