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The Insolvency (Northern Ireland) Order 1989
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Changes over time for: Section 158
Version Superseded: 01/10/2009
Alternative versions:
- 01/01/2006- Amendment
- 01/10/2007- Amendment
- 01/10/2008
Point in time - 01/10/2009- Amendment
- 04/01/2024- Amendment
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Power to make over assets to employeesN.I.
158 .F1—(1) On the winding up of a company (whether by the High Court or voluntarily), the liquidator may, subject to the provisions of this Article, make any payment whch the company has, before the commencement of the winding up, decided to make under [F2section 247 of the Companies Act 2006] (power to provide for employees or former employees on cessation or transfer of business).
[F3(2) The liquidator may, after the winding up has commenced, make any such provision as is mentioned in section 247(1) if—
(a)the company's liabilities have been fully satisfied and provision has been made for the expenses of the winding up,
(b)the exercise of the power has been sanctioned by a resolution of the company, and
(c)any requirements of the company's memorandum or articles as to the exercise of the power conferred by section 247(1) are complied with.]
(3) Any payment which may be made by a company under this Article (that is, a payment after the commencement of its winding up) may be made out of the company's assets which are available to the members on the winding up.
(4) On a winding up by the High Court, the exercise by the liquidator of his powers under this Article is subject to the Court's control, and any creditor or contributory may apply to the Court with respect to any exercise or proposed exercise of the power.
(5) Paragraphs (1) and (2) have effect notwithstanding anything in any rule of law or in Article 93 of this Order (property of company after satisfaction of liabilities to be distributed among members).
F1mod. by SR 2004/307
F2Words in art. 158(1) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3)(a), 10(1), Sch. 4 para. 61(2) (with art. 12)
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