Section 396. Persons who may propose voluntary arrangement

(1) The directors of a company other than a company which is under a judicial management order or is being wound up may make a proposal to the company and to its creditors for a voluntary arrangement under this Subdivision.

(2) The proposal for a voluntary arrangement under this Subdivision shall include the appointment of a nominee either as a trustee or supervisor for the purpose of supervising the implementation of the voluntary arrangement.

(3) A proposal for a voluntary arrangement may also be made—

(a) by a judicial manager if a company is under a judicial management order; or

(b) by a liquidator if a company is being wound up,

who may also be the nominee for the voluntary arrangement.

(4) In the case where the liquidator is the Official Receiver, the nominee shall be an insolvency practitioner.