Section 626 of Insolvency Act CAP 53: Procedure if provisional supervisor is not the liquidator or administrator
(1) This section applies if the provisional supervisor in respect of a director's proposal is not the liquidator or administrator of the company and the directors do not propose to take steps to obtain a moratorium for the company under Division 2.
(2) The provisional supervisor shall, within thirty days (or within such extended period as the Court may allow) after that supervisor is given notice of the proposal, submit a report to the Court stating
—
(a) whether, in that supervisor's opinion, the proposal has a reasonable prospect of being approved and implemented;
(b) whether, in that supervisor's opinion, meetings of the company and of the company's creditors should be convened to consider the proposal; and
(c) if that supervisor believes that those meetings should be convened—the date on which, and the time and place at which, it is proposed to hold the meetings.
(3) For the purposes of enabling the provisional supervisor to prepare the report, the proposers shall submit to that supervisor—
(a) a document setting out the terms of the proposal; and
(b) a statement of the company's financial position containing—
(i) such particulars of its creditors and of its debts and other liabilities and of its assets as may be prescribed by the insolvency regulations for the purposes of this subsection; and
(ii) such other information as may be so prescribed.
(4) An application may be made to the Court for an order under subsection (5)—
(a) if the provisional supervisor has failed to submit the report required by this section or has died, by the proposers; or
(b) if it is impracticable or inappropriate for that supervisor to continue to act as such, by the proposers or that supervisor.
(5) On the hearing of an application made under subsection (4), the Court may make an order directing the provisional supervisor to be replaced as such by another authorised insolvency practitioner.
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(1) Deleted by Act No. 1 of 2021
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2)—
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