Section 442 CAMA 2020

Section 442 Companies and Allied Matters Act is about Implementation of proposal. It is under Chapter 17 (Company voluntary arrangements) of the Act.

(1) This section applies where a voluntary arrangement approved by the meetings summoned under section 436 has taken effect.

(2) The person who performs, in relation to the voluntary arrangement,the functions conferred by virtue of—

(a) the approval on the nominee, or

(b) section 435 (4) or 437 (3) on a person other than the nominee,shall be known as the supervisor of the voluntary arrangement.

(3) If any of the company’s creditors or any other person is dissatisfied by any act, omission or decision of the supervisor, he may apply to the Court,and, on the application, the Court may

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

(b) give him directions ; or

(c) make such other order as it deems fit.

(4) 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 an administration order to be made in relation to it.

(5) The Court may, whenever it is—

(a) expedient to appoint a person to perform 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,make an order appointing a person who is qualified to act as an insolvency practitioner in relation to the company, either in substitution for the existing supervisor or to fill a vacancy.

(6) The power conferred by subsection (5) is exercisable so as to increase the number of persons performing the functions of supervisor or, where there is more than one person performing those functions, so as to replace one or more of those persons