The Insolvency (Northern Ireland) Order 1989

Dissent from arrangement under Article 96 N.I.

97.—(1 )F1  This Article applies in the case of a voluntary winding up where, for the purposes of Article 96(2) or (4), there has been passed a special resolution of the transferor company providing the sanction requisite for the liquidator under that Article.

(2 )F1  If a member of the transferor company who did not vote in favour of the special resolution expresses his dissent from it in writing, addressed to the liquidator and left at the company's registered office within 7 days from the passing of the resolution, he may require the liquidator either to abstain from carrying the resoltuion into effect or to purchase his interest at a price to be determined by agreement or by arbitration under this Article.

(3 )F1  If the liquidator elects to purchase the member's interest, the purchase money must be paid before the company is dissolved and be raised by the liquidator in such manner as may be determined by special resolution.

(4 )F1  For the purposes of an arbitration under this Article, the provisions of the Companies Clauses Consolidation Act 1845F2 with respect to the settlement of disputes by arbitration are incorporated with this Order, and—

(a) in the construction of those provisions this Order is deemed the special Act and “the company” means the transferor company, and

(b) any appointment by the incorporated provisions directed to be made under the hand of the secretary or any 2 of the directors may be made in writing by the liquidator (or, if there is more than one liquidator, then any 2 or more of them).

F1 mod. by SR 2004/307

F2 1845 c. 16