18.—(1) A nominee supervising a voluntary arrangement in relation to a debtor must comply with paragraphs (2) and (3) if the voluntary arrangement authorises or requires the nominee —
(a)
to carry on any business or trade of the debtor on the debtor’s behalf or in the debtor’s name;
(b)
to realise any asset of the debtor; or
(c)
otherwise to administer or dispose of any funds of the debtor.
(2) The nominee must keep accounts and records of the nominee’s acts and dealings in and in connection with the voluntary arrangement mentioned in paragraph (1), including records of all receipts and payments of moneys.
(3) The nominee must —
(a)
once every 12 months or less beginning with the date of the nominee’s appointment, prepare a summary of receipts and payments mentioned in paragraph (2) made during a relevant period; and
(b)
no later than 2 months after the end of the relevant period, send a copy of the summary mentioned in sub‑paragraph (a), accompanied by the nominee’s comments on the progress and efficacy of the voluntary arrangement, to —
(i)
the Court;
(ii)
the debtor in question; and
(iii)
every creditor bound by the voluntary arrangement.
(4) If the voluntary arrangement being supervised by a nominee is otherwise than that described in paragraph (1), the nominee must, once every 12 months or less beginning with the date of the nominee’s appointment, send a report on the progress and efficacy of the voluntary arrangement to —
(a)
the Court;
(b)
the debtor in question; and
(c)
every creditor bound by the voluntary arrangement.
(5) The Court may, on application by the nominee, vary the frequency of sending the summary or report mentioned in paragraph (3) or (4), or the dates by which such summary or report is required to be sent.
(6) In this regulation, “relevant period” means the period of 12 months or less beginning with —
(a)
the date of the implementation of the voluntary arrangement mentioned in paragraph (1); or
(b)
the day following the last day of the last period for which the summary mentioned in paragraph (3) was prepared.