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PART 5Amendments of Insolvent Partnerships Order (Northern Ireland) 1995

Amendments of Schedule 2 to the Insolvent Partnerships Order (Northern Ireland) 1995

25.—(1) Paragraph 35 of Schedule 2 to the Insolvent Partnerships Order (Northern Ireland) 1995 (provisions of the Order which apply with modifications for the purposes of Article 6 to administration in relation to insolvent partnerships)(1), is amended as follows.

(2) In modified paragraph 74(1)—

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

(b)after sub-paragraph (b) insert—

(bb)would result in an ordinary preferential debt of the partnership being paid otherwise than in priority to its secondary preferential debts,;

(c)in sub-paragraph (c), for “his debt” substitute “an ordinary preferential debt”;

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

or

(d)would result in one preferential creditor being paid a smaller proportion of a secondary preferential debt than another..

(1)

Schedule 2 was substituted by S.R. (NI) 2006 No. 515.