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The Insolvency (Northern Ireland) Order 1989
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The Insolvency (Northern Ireland) Order 1989, Paragraph 55 is up to date with all changes known to be in force on or before 12 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Schedule B1 Paragraph 55:
- Instrument amended by 1998 c. 11 s. 23 Sch. 5 Pt.1 Ch. 3 para. 40
- Instrument amended (prosp) by S.I. 1994/279 (N.I.) art. 26(1) Sch. 2 para. 15
Changes and effects yet to be applied to the whole Order associated Parts and Chapters:
Whole provisions yet to be inserted into this Order (including any effects on those provisions):
- Sch. 9 Pt. 2 para. 66 revoked by 1996 c. 23 s. 107(2) Sch. 4 (Amendment could not be applied. The relevant affected text is not available on legislation.gov.uk)
- art. 2B inserted by 2016 c. 2 (N.I.) s. 2(1)
- art. 208ZA applied (with modifications) by S.I. 2021/716, reg. 37A (as inserted) by S.I. 2023/1399 reg. 12 (This amendment not applied to Legislation.gov.uk. S. 208ZA is inserted by the Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 1(1) which is currently prospective.)
- art. 208ZA-208ZB inserted by 2016 c. 2 (N.I.) s. 1(1)
- art. 208ZB applied (with modifications) by S.I. 2021/716, reg. 37A (as inserted) by S.I. 2023/1399 reg. 12 (This amendment not applied to Legislation.gov.uk. S. 208ZB is inserted by the Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 1(1) which is currently prospective.)
- art. 345A-345B inserted by 2016 c. 2 (N.I.) s. 1(2)
[F155.—(1) This paragraph applies where—N.I.
(a)an administrator's proposals have been approved (with or without modification) at an initial creditors' meeting,
(b)the administrator proposes a revision to the proposals, and
(c)the administrator thinks that the proposed revision is substantial.
(2) The administrator shall—
(a)summon a creditors' meeting,
(b)send a statement in the prescribed form of the proposed revision with the notice of the meeting sent to each creditor,
(c)send a copy of the statement, within the prescribed period, to each member of the company of whose address he is aware, and
(d)present a copy of the statement to the meeting.
(3) The administrator shall be taken to have complied with sub-paragraph (2)(c) if he publishes a notice undertaking to provide a copy of the statement free of charge to any member of the company who applies in writing to a specified address.
(4) A notice under sub-paragraph (3) must be published—
(a)in the prescribed manner, and
(b)within the prescribed period.
(5) A creditors' meeting to which a proposed revision is presented shall consider it and may—
(a)approve it without modification, or
(b)approve it with modification to which the administrator consents.
(6) After the conclusion of a creditors' meeting the administrator shall as soon as is reasonably practicable report any decision taken to—
(a)the High Court,
(b)the registrar, and
(c)such other persons as may be prescribed.
(7) An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (6).]
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)
Modifications etc. (not altering text)
C1Sch. B1 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)
C2Sch. B1 para. 55 applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 37A (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 12)
C3Sch. B1 para. 55 excluded (4.1.2024) by S.I. 2021/716, reg. 38(6) (as substituted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 13)
C4Sch. B1 para. 55 applied (4.1.2024) by S.I. 2021/716, reg. 41(2) (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 15)
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