- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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The Insolvency (Northern Ireland) Order 1989
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Changes over time for: Paragraph 74
Version Superseded: 01/01/2015
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Point in time view as at 01/04/2013.
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The Insolvency (Northern Ireland) Order 1989, Paragraph 74 is up to date with all changes known to be in force on or before 16 November 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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[F174.—(1) An administrator's statement of proposals under paragraph 50 may not include any action which—N.I.
(a)affects the right of a secured creditor of the company to enforce his security,
(b)would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts, or
(c)would result in one preferential creditor of the company being paid a smaller proportion of his debt than another.
(2) Sub-paragraph (1) does not apply to—
(a)action to which the relevant creditor consents,
(b)a proposal for a voluntary arrangement under Part II of this Order (although this sub-paragraph is without prejudice to Article 17(3)), F2. . .
(c)a proposal for a compromise or arrangement to be sanctioned under [F3Part 26 of the Companies Act 2006 (arrangements and reconstructions)].
[F4or
(d)a proposal for a cross-border merger within the meaning of regulation 2 of the Companies (Cross-Border Mergers) Regulations 2007.]
(3) The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.]
F1Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)
F2Word in Sch. B1 para. 74(2)(b) omitted (15.12.2007) by virtue of Companies (Cross-Border Mergers) Regulations 2007 (S.I. 2007/2974), reg. 66(2)
F3Words in Sch. B1 para. 74(2)(c) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 166(a) (with arts. 6, 11, 12)
F4Sch. B1 para. 74(2)(d) and preceding word inserted (15.12.2007) by Companies (Cross-Border Mergers) Regulations 2007 (S.I. 2007/2974), reg. 66(3)
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