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The Insolvency (Northern Ireland) Order 1989
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Rhagor o Adnoddau
Changes over time for: Section 124
Alternative versions:
- 01/01/2006- Amendment
- 26/06/2017- Amendment
- 31/12/2020- Amendment
- 04/01/2024
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Point in time view as at 04/01/2024.
Changes to legislation:
The Insolvency (Northern Ireland) Order 1989, Section 124 is up to date with all changes known to be in force on or before 28 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Duty to summon final meetingN.I.
124.—(1) Subject to paragraph (2), if it appears to the liquidator of a company which is being wound up by the High Court that the winding up of the company is for practical purposes complete and the liquidator is not the official receiver, the liquidator shall summon a final general meeting of the company's creditors which—
(a)shall receive the liquidator's report of the winding up, and
(b)shall determine whether the liquidator should have his release under Article 148.
(2) The liquidator may, if he thinks fit, give the notice summoning the final general meeting at the same time as giving notice of any finaldistribution of the company's property but, if summoned for an earlier date, that meeting shall be adjourned (and, if necessary, further adjourned) until a date on which the liquidator is able to report to the meeting that the winding up of the company is for practical purposes complete.
(3) In the carrying out of his functions in the winding up it is the duty of the liquidator to retain sufficient sums from the company's property to cover the expenses of summoning and holding the meeting required by this Article.
[F1(4) The liquidator shall during the relevant period send to the High court and the registrar—
(a)a copy of the report, and
(b)a statement of whether any of the company’s creditors objected to the liquidator’s release.
(5) The relevant period is the period of 7 days beginning with the day after the last day of the period prescribed by the rules as the period within which the creditors may object to the liquidator’s release.
F2(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
F1Art. 124(4)-(7) inserted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 102 (with reg. 3)
F2Art. 124(6)(7) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 170 (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
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