Section 401. Implementation of proposal

(1) The person who is for the time being carrying out, in relation to the voluntary arrangement, the functions conferred—

(a) on the nominee by virtue of the approval given at one or both of the meetings summoned under section 399; or

(b) on any other person other than the nominee who is an insolvency practitioner,

shall be known as the supervisor of the voluntary arrangement.

(2) The Court may direct that the nominee be replaced by another person qualified to act as a nominee in relation to the voluntary arrangement on an application—

(a) by the directors or Official Receiver in a case where the nominee fails to comply with any duty imposed on the nominee under the Seventh Schedule or the nominee has died; or

(b) by the directors or Official Receiver or the nominee in a case where it is inappropriate for the nominee to continue to act.

(3) A person may only be appointed as a replacement nominee under the Seventh Schedule if the person submits a statement indicating his consent to act as nominee to the Court.

(4) If any of the company’s creditors or any other person is dissatisfied by any act, omission or decision of the supervisor, the company’s creditor may appeal to the Court and on receipt of the application of appeal, the Court may—

(a) confirm, reverse or modify any act or decision of the supervisor;

(b) give directions to the supervisor; or

(c) make such other order as the Court thinks fit.

(5) The supervisor may apply to the Court for directions in relation to any particular matter arising under the voluntary arrangement and is included among the persons who may apply to the Court for the winding up of the company or for a judicial management order to be made in relation to the winding up of the company.

(6) The Court may make an order appointing a person who is qualified to act as an insolvency practitioner or authorized to act as supervisor, in relation to the voluntary arrangement, either in substitution for the existing supervisor or to fill a vacancy if—

(a) it is expedient to appoint a person to carry out the functions of the supervisor; and

(b) it is inexpedient, difficult or impracticable for an appointment to be made without the assistance of the Court.

(7) The power conferred by subsection (6) is exercisable—

(a) to increase the number of persons exercising the functions of a supervisor; or

(b) to replace one or more of the persons if there is more than one person exercising the functions.