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Section 307 of Insolvency Act CAP 53: Provisional supervisor to report on debtor's proposal

    

(1) As soon as practicable after the making of an interim order, the provisional supervisor shall, before the order ceases to have effect, 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, a meeting of the debtor's creditors should be convened to consider the proposal; and
(c) if in that supervisor's opinion is that such a meeting should be convened, the date on which, and the time and place at which, it is proposed to hold the meeting.
(2) For the purpose of enabling the provisional supervisor to prepare that supervisor's report, the debtor shall submit to that supervisor—
(a) a document setting out the terms of the proposal; and
(b) a statement of the debtor's financial affairs containing—
(i) such particulars of the debtor's creditors and of the debtor's debts and other liabilities and of the debtor's assets as may be prescribed by the insolvency regulations for the purposes of this section; and
(ii) such other information as may be so prescribed.
(3) If the provisional supervisor has failed to submit the report required by this section or has died, the Court may, on an application made by the debtor, make an order directing that supervisor to be replaced as such by another authorised insolvency practitioner in relation to the proposal.
(4) If it is impracticable or inappropriate for the provisional supervisor to continue to act as such, the Court may, on an application made by the debtor or that supervisor, make an order directing that supervisor to be replaced as such by another authorised insolvency practitioner in relation to the proposal.
(5) If the provisional supervisor has failed to submit the report as required by this section, the Court may, on an application made by application of the debtor, make an order directing the interim order to continue, or (if it has ceased to have effect) to be renewed, for such further period as the Court may specify in the order.
(6) On the hearing of an application made by the provisional supervisor, the Court may make an order extending the period for which the interim order has effect so as to enable that supervisor to have more time to prepare his or her report.
(7) If, on receiving the provisional supervisor's report, the Court is satisfied that a meeting of the debtor's creditors should be convened to consider the debtor's proposal, the Court shall make an order directing the period for which the interim order has effect to be extended (for such further period as it may specify in the order) so as to enable the debtor's proposal to be considered by the debtor's creditors in accordance with this Division.
(8) The Court may discharge the interim order if it is satisfied, on the application of the provisional supervisor—
(a) that the debtor has failed to comply with the debtor's obligations under subsection (2); or
(b) that for any other reason it would be inappropriate for a meeting of the debtor's creditors to be convened to consider the debtor's proposal.

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