Stay of enforcement in cases of insolvencyN.I.
14.—(1) Without prejudice to Articles 80 to 87 (administration orders) the power conferred by Article 13( f) shall include power to stay enforcement on the ground that, having regard to the liabilities of the debtor (in addition to the amount recoverable on foot of the judgment), the property of the debtor ought in the opinion of the Office to be administered for the benefit of all his creditors.
(2) Subject to paragraph (3), an order staying enforcement on the ground mentioned in paragraph (1) shall cease to have effect on the expiration of a period of six weeks from the date of the order.
(3) The Office may by order extend the period for which such an order staying enforcement has effect if it considers there is a reasonable likelihood that, within the extended period,—
(a)where the debtor is an individual—
Head (i) rep. by 1989 NI 19
(ii)he will enter into an arrangement with his creditors generally, or
(iii)a petition to the court to adjudge him bankrupt will be presented by or against him, or
(b)where the debtor is a company—
(i)an application will be made to the court for an order under[F1 section 896 of the Companies Act 2006] summoning a meeting of the company's creditors to consider a proposed compromise or arrangement with them, or
(ii)a petition for the winding-up of the company will be presented to the court, or
(iii)a resolution for the voluntary winding-up of the company will be passed [F2 or
(iv)an application will be made to the court for a special administration order under Article 42 of the Water and Sewerage Services (Northern Ireland) Order 2006.]
[F3(iv)the directors of the company will make a proposal to the company and its creditors for a voluntary arrangement under Part II of the Insolvency (Northern Ireland) Order 1989, or
(v)an application will be made to the court for an administration order under Part III of that Order of 1989, or]
[F4(vi)an application will be made to the court for a postal administration order under Part 4 of the Postal Services Act 2011.]
F1Words in art. 14(3)(b)(i) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 53(3) (with arts. 6, 11, 12)
F2Art. 14(3)(b)(iv) and preceding word inserted (1.4.2007) by virtue of Water and Sewerage Services (Northern Ireland) Order 2006 (S.I. 2006/3336 (N.I. 21)), arts. 1(2), 308(1), Sch. 12 para. 17(2) (with arts. 8(8), 121(3), 307); S.R. 2007/194, art. 2(2), Sch. 1 Pt. II (subject to art. 3, Sch. 2)