The Insolvency (Northern Ireland) Order 1989 No. 2405 (NI. 19)

PART IV N.I. RECEIVERSHIPRECEIVERS AND MANAGERS

Modifications etc. (not altering text)

C1 Pts. II, III and IV applied (with modifications) by 1986 c. 53, Sch. 15A, Pt. III (as inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6); S.I. 1997/2668, art. 2, Sch. Pt. I(i)

C2 Pt. IV (arts. 39A-59J) applied by European Economic Interest Grouping Regulations 1989 (S.I. 1989/638), reg. 19(1A) (as inserted (1.10.2009) by European Economic Interest Grouping (Amendment) Regulations 2009 (S.I. 2009/2399), reg. 20(3) (with reg. 2))

Provisions applicable to every receivership N.I.

Payment of debts out of assets subject to floating charge N.I.

50 .F1 —(1) This Article applies, in the case of a company, where a receiver is appointed on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge.

(2) If the company is not at the time in course of being wound up, its preferential debts (within the meaning of Article 346) shall be paid out of the assets coming to the hands of the receiver in priority to any claims for principal or interest in respect of the debentures.

(3) Payments made under this Article shall be recouped, as far as may be, out of the assets of the company available for payment of general creditors.

F1 mod.by 1997 c. 32

Modifications etc. (not altering text)

C3 Art. 50 excluded in part (06.03.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 1(1), Sch. para. 9(1)