Part VIII Individual Voluntary Arrangements

Consideration and implementation of debtor’s proposal

263 Implementation and supervision of approved voluntary arrangement.

(1)

This section applies where a voluntary arrangement approved by a F1creditors’ meeting summoned under F1decision of the debtor's creditors pursuant to section 257 has taken effect.

(2)

The person who is for the time being carrying out, in relation to the voluntary arrangement, the functions conferred by virtue of the approval on the nominee (or his replacement under section F2256(3), 256A(4) or 258(3)) shall be known as the supervisor of the voluntary arrangement.

(3)

If the debtor, any of his creditors or any other person is dissatisfied by any act, omission or decision of the supervisor, he may apply to the court; and on such an application 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.

(4)

The supervisor may apply to the court for directions in relation to any particular matter arising under the voluntary arrangement.

(5)

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 F3or authorised to act as supervisor, in relation to the voluntary arrangement, either in substitution for the existing supervisor or to fill a vacancy.

This is without prejudice to section 41(2) of the M1Trustee Act 1925 (power of court to appoint trustees of deeds of arrangement).

(6)

The power conferred by subsection (5) is exercisable so as to increase the number of persons exercising the functions of the supervisor or, where there is more than one person exercising those functions, so as to replace one or more of those persons.