(1)
The directors of a company may make a proposal under this Part to its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs (in this Act referred to in either case, as a “voluntary arrangement”).
(2)
A proposal under this Part is one which provides for some person (“the nominee”) to act in relation to the voluntary arrangement either as trustee or otherwise for the purpose of supervising its implementation, and the nominee shall be a person who is qualified to act as an insolvency practitioner in relation to the company.
(3)
Such a proposal may be made where—
(a)
an administration order is in force in relation to the company, by the administrator ; and
(b)
the company is being wound up, by the liquidator.