Section 435 CAMA 2020

Section 435 Companies and Allied Matters Act is about Procedure where nominee is not the liquidator or administrator. It is under Chapter 17 (Company voluntary arrangements) of the Act.

(1) This section applies where the nominee under section 434 is not the liquidator or administrator of the company.

(2) The nominee shall, within 28 days (or such longer period as the Court may allow) after he is given notice of the proposal for a voluntary arrangement,submit a report to the Court stating—

(a) whether, in his opinion, meetings of the company and of its creditors should be summoned to consider the proposal ; and

(b) if, in his opinion, such meetings should be summoned, the date on which, and time and place at which, he proposes the meetings to be held.

(3) For the purposes of enabling the nominee to prepare his report, the person intending to make the proposal shall submit to the nominee—

(a) a document setting out the terms of the proposed voluntary arrangement ; and

(b) a statement of the company’s affairs containing—

(i) particulars of its creditors, its debts and other liabilities and of its assets as may be prescribed, and

(ii) other information as may be prescribed.

(4) The Court may, on an application made by the person intending tomake the proposal, in a case where the nominee failed to submit the report required by this section, direct that the nominee be replaced as such by another person qualified to act as an insolvency practitioner in relation to the company.