Friendly Societies Act 1992 (c. 40)

SCHEDULES

Yn ddilys o 01/02/1993

SCHEDULE 10 U.K. Application of Companies Winding Up Legislation to Incorporated Friendly Societies

Part III U.K. Modified Application of Insolvency (Northern Ireland) Order 1989

Voluntary winding up U.K.

47 (1) Article 93 (distribution of property) of the Order does not apply; and the following applies in its place. U.K.

(2) Subject to the provisions of Part V relating to preferential payments, an incorporated friendly society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors pari passu and, subject to that application, in accordance with the rules of the society.