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Version Superseded: 04/01/2024
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The Insolvency (Northern Ireland) Order 1989, Section 202 is up to date with all changes known to be in force on or before 17 August 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.
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202.—(1) This Article applies in the case of a company where—
[F1(a)the company enters administration, or]
(b)the company goes into liquidation;
and “the office‐holder” means the administrator or the liquidator, as the case may be.
(2) Where the company has at a relevant time (as defined in Article 204) entered into a transaction with any person at an undervalue, the office‐holder may apply to the High Court for an order under this Article.
(3) Subject to paragraph (5) the High Court shall, on such an application, make such order as it thinks fit for restoring the position to what it would have been if the company had not entered into that transaction.
(4) For the purposes of this Article and Article 205, a company enters into a transaction with a person at an undervalue if—
(a)the company makes a gift to that person or otherwise enters into a transaction with that person on terms that provide for the company to receive no consideration, or
(b)the company enters into a transaction with that person for a consideration the value of which, in money or money's worth, is significantly less than the value, in money or money's worth, of the consideration provided by the company.
(5) The High Court shall not make an order under this Article in respect of a transaction at an undervalue if it is satisfied—
(a)that the company which entered into the transaction did so in good faith and for the purpose of carrying on its business, and
(b)that at the time it did so there were reasonable grounds for believing that the transaction would benefit the company.
F1Art. 202(1)(a) substituted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 36 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2 - 7)
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