Technically the proposal process goes as follows:

• The debtor must prepare a document setting out:
  
  • the terms of his proposals
    
  • his creditors
    
  • his debts
    
  • assets to be provided by third parties
    
  • his assets included (and excluded)
    
  • in the event of bankruptcy, whether there may be claims relating to transactions at an undervalue, preferences or extortionate credit transactions.
    
  • the proposed duration of the voluntary arrangement
    
  • when creditors may expect a distribution
    
  • how much creditors may expect to receive
    
  • the manner in which claims are proposed to be dealt with
    
  • the estimated remuneration and expenses of the nominee and the supervisor
    
  • details of the supervisor's qualifications
    
  • the supervisor's duties

(In practice, of course, we will have assisted in the preparation of the proposal)

The proposal should include a brief explanation of the background to the debtor's problems and his future plans in addition to the above information (required to be disclosed by the Insolvency Rules). Above all the proposal should be professional, persuasive, accurate and comprehensive.

The proposal must then be submitted to the nominee (who must be an insolvency practitioner) for him to render his report.