| Commentary

54 Procedure

| Commentary

54 Procedure

The debtor submits a document setting out the terms of the voluntary arrangement that the debtor is proposing together with a statement of his affairs to his proposed nominee1. If the nominee is satisfied that the debtor is an undischarged bankrupt or is able to make a bankruptcy application, the nominee must, within 14 days of receipt of the proposal (or such longer period as the court may allow) submit a report to the debtor’s creditors2 (with a copy to the debtor3) which must4:

  1. 54.1

        explain whether or not the nominee considers that the proposal has a reasonable

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