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The Insolvency (Northern Ireland) Order 1989

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Version Superseded: 27/03/2006

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Monetary limitsN.I.

362.—(1) The Department may by order—

(a )F1increase or reduce any of the money sums for the time being specified in—

  • Article 103(1)(a) (minimum debt for service of demand on company by unpaid creditor);

  • Article 170(1)(a) and (b) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer);

  • Article 186(1) (minimum debt for service of demand on unregistered company by unpaid creditor);

  • Article 215(5) (maximum debt for calculating majority of creditors for assent to deed of arrangement);

  • Article 221(4) (maximum debt for calculating majority of creditors for assent to dispense with security by trustee under deed of arrangement); or

(b )F1specify amounts for the purposes of the following provisions—

  • Article 247 (minimum value of debtor's estate determining whether immediate bankruptcy order should be made; small bankruptcies level);

  • F2Article 325(1)(b) and (3) (minimum amount of concealed debt, or value of property concealed or removed, determining criminal liability under the Article);

  • Article 329(1)(a) (minimum value of property taken by a bankrupt out of Northern Ireland, determining his criminal liability);

  • Article 331(1)(a) (maximum amount of credit which bankrupt may obtain without disclosure of his status);

  • Article 332(2)(a) (exemption of bankrupt from criminal liability for failure to keep proper accounts, if unsecured debts not more than the prescribed minimum);

  • Article 335(2)(d) (minimum value of goods removed by the bankrupt, determining his liability to arrest)[F3 or]

[F3(c)increase or reduce any of the money sums for the time being specified in the following provisions of Schedule A1—

  • paragraph 28(1) (maximum amount of credit which company may obtain without disclosure of moratorium);

  • paragraph 51(4) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer).]

.

(2) An order under this Article may contain such transitional provisions as may appear to the Department necessary or expedient.

(3) No order shall be made under this Article unless a draft of it has been laid before, and approved by a resolution of the Assembly.

F1mod. by SR 2004/307

F2prosp. insertion by 2005 NI 10

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