(1) The directors of a company [(other than one which is in administration or being wound up)] may make a proposal under this Part to the company and to its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs (from here on 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 must be a person who is qualified to act as an insolvency practitioner [. . . in relation to the voluntary arrangement].
(3) Such a proposal may also be made—
[(a) where the company is in administration, by the administrator,] and
(b) where the company is being wound up, by the liquidator.
[(4) In this Part “company” means—
[(a) a company registered under the Companies Act 2006 in England and Wales or Scotland;]
(b) a company incorporated in an EEA State other than the United Kingdom; or
(c) a company not incorporated in an EEA State but having its centre of main interests in a member State other than Denmark [(other than Denmark) or in the United Kingdom].
(5) In subsection (4), in relation to a company, “centre of main interests” has the same meaning as in [Article 3 of the EU Regulation].
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