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The Insolvency (Northern Ireland) Order 1989, Section 234 is up to date with all changes known to be in force on or before 14 August 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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234.—(1) This Article has effect where the meeting summoned under Article 231 approves the proposed voluntary arrangement (with or without modifications).
(2) The approved arrangement—
(a)takes effect as if made by the debtor at the meeting, and
[F1(b)binds every person who in accordance with the rules—
(i)was entitled to vote at the meeting (whether or not he was present or represented at it), or
(ii)would have been so entitled if he had had notice of it,
as if he were a party to the arrangement.]
[F1(2A) If—
(a)when the arrangement ceases to have effect any amount payable under the arrangement to a person bound by virtue of paragraph (2)(b)(ii) has not been paid, and
(b)the arrangement did not come to an end prematurely,
the debtor shall at that time become liable to pay to that person the amount payable under the arrangement.]
F2(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) Any interim order in force in relation to the debtor immediately preceding the expiration of the period of 28 days from the day on which the report with respect to the creditors' meeting was made to the High Court under Article 233 ceases to have effect at the end of that period.
(5) Paragraph (4) applies except to such extent as the High Court may direct for the purposes of any application under Article 236.
(6) Where proceedings on a bankruptcy petition have been stayed by an interim order which ceases to have effect under paragraph (4), that petition is deemed, unless the High Court otherwise orders, to have been dismissed.
F2Art. 234(3) repealed (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 28(2), Sch. 4; S.R. 2016/203, art. 2
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