The Banks and Building Societies (Depositor Preference and Priorities) Order 2014

Decisions of creditors’ meetings and preferential debts U.K.

18.—(1) Article 232 of the Insolvency (Northern Ireland) Order 1989 (decisions of creditors’ meeting)(1) is amended as follows.

(2) In paragraph (6)—

(a) omit the “or” at the end of sub-paragraph (a);

(b) after sub-paragraph (a) insert—

“(aa) any ordinary preferential debt of the debtor is to be paid otherwise than in priority to any secondary preferential debts that the debtor may have,”;

(c) in sub-paragraph (b)—

(i) for “a preferential debt”, substitute “an ordinary preferential debt”, and

(ii) for “another”, substitute “another ordinary”;

(d) at the end of sub-paragraph (b), insert—

“or

(c) a preferential creditor of the debtor is to be paid an amount in respect of a secondary preferential debt that bears to that debt a smaller proportion than is borne to another secondary preferential debt by the amount that is to be paid in respect of that other debt.”.

(3) In paragraph (9), for “has” substitute “, “ordinary preferential debt” and “secondary preferential debt” each has”.

Commencement Information

I1 Art. 18 in force at 1.1.2015, see art. 1(2)

(1)

Article 232 of S.I. 1989/2405 (N.I. 19) was amended by S.I. 2002/3152 (N.I. 6).