The Insolvency (Northern Ireland) Order 1989

Early dissolution N.I.

167.—(1) Where an order for the winding up of a company has been made by the High Court, the official receiver, if—

(a) he is the liquidator of the company, and

(b) it appears to him—

(i) that the realisable assets of the company are insufficient to cover the expenses of the winding up, and

(ii) that the affairs of the company do not require any further investigation,

may at any time apply to the registrar for the early dissolution of the company.

[F1 (1A)  Paragraph (1B) applies where, immediately before the official receiver makes an application under paragraph (1), there are EU insolvency proceedings open in respect of the company in one or more member States.

(1B) The official receiver shall send to the registrar, with the application, a statement—

(a) identifying those proceedings,

(b) identifying the member State liquidator appointed in each of those proceedings, and

(c) indicating, in relation to each of those member State liquidators, whether that member State liquidator consents to the company being dissolved.]

(2) Before making [F2 an application under paragraph (1)], the official receiver shall give not less than 28 days' notice of his intention to do so to the company's creditors and contributories and, if there is an administrative receiver of the company, to that receiver.

(3) With the giving of that notice the official receiver ceases (subject to any directions under Article 168) to be required toperform any duties imposed on him in relation to the company, its creditors or contributories by virtue of any provision of this Order, apart from a duty to make an application under paragraph (1) [F3 and to send any statement under paragraph (1B).]

(4) On the receipt of the official receiver's application under paragraph (1) [F4 and any statement under paragraph (1B),] the registrar shall forthwith register it [F5 or them] and, subject to paragraph (5), at the expiration of 3 months from the day of the registration of the application, the company shall be dissolved [F6 (except where paragraph (5) applies)].

[F7 (5) This paragraph applies where a statement under paragraph (1B) indicates that a member State liquidator does not consent to the company being dissolved.

(6) Where paragraph (5) applies, the company is deemed to be dissolved at the end of the period of 3 months beginning with the date (if any) recorded in the register as the date on which the registrar was notified that—

(a) all proceedings identified in the statement under paragraph (1B) were closed, or

(b) every member State liquidator appointed in those proceedings consented to the company being dissolved.]

[F8 (7)]  The Department may, on the application of the official receiver or any other person who appears to the Department to be interested, give directions under Article 168 at any time before the end of [F9 the period in paragraph (4) or (6)].

F1 Art. 167(1A)(1B) inserted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(2) (with reg. 3)

F2 Words in art. 167(2) substituted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(3) (with reg. 3)

F3 Words in art. 167(3) added (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(4) (with reg. 3)

F4 Words in art. 167(4) inserted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(5)(a)(i) (with reg. 3)

F5 Words in art. 167(4) inserted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(5)(a)(ii) (with reg. 3)

F6 Words in art. 167(4) inserted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(5)(a)(iii) (with reg. 3)

F7 Art. 167(5)(6) inserted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(5)(b) (with reg. 3)

F8 Art. 167(7): art. 167(5) renumbered as art. 167(7) (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(5)(c) (with reg. 3)

F9 Words in art. 167(5) substituted (26.6.2017) by virtue of The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(6) (with reg. 3)