The Insolvency (Northern Ireland) Order 2005

60.—(1) Section 362 (Financial Services Authority’s right to participate in proceedings) shall be amended as follows.

(2) In subsection (1) for “(or presents a petition under Article 22 of the 1989 Order)” substitute “or Schedule B1 to the 1989 Order”.

(3) In subsection (1A)—

(a) in paragraph (a) after “Act” insert “or paragraph 15 or 23 of Schedule B1 to the 1989 Order”, and

(b) in paragraph (b) for “either” substitute “any”.

(4) In subsection (2)(a) omit “or the petition”.

(5) In subsection (4) for “(or Article 39 of the 1989 Order)” substitute “or paragraph 75 of Schedule B1 to the 1989 Order”.

(6) In subsection (4A) for paragraph (b) substitute—

“(b) paragraph 75(1)(a) and (b) of Schedule B1 to the 1989 Order shall have effect as if for the words “harm the interests of the applicant (whether alone or in common with some or all other members or creditors)” there were substituted the words “harm the interests of some or all members or creditors”.”

(7) In subsection (5)(b) for “(Article 38 of the 1989 Order)” substitute “paragraph 58 of Schedule B1 to the 1989 Order”.