40. Meaning of 'voluntary arrangement'; 'the proposal'; 'the nominee'; and 'the supervisor'.

A voluntary arrangement under the Insolvency Act 19861 is a composition2 in satisfaction of an individual's debts or a scheme of arrangement3 of his affairs4. For the purposes of the provisions relating to voluntary arrangements5, a proposal is a proposal to an individual's creditors 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