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The Insolvency (Northern Ireland) Order 1989
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Changes over time for: Paragraph 53
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- 27/03/2006- Amendment
- 26/03/2015
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The Insolvency (Northern Ireland) Order 1989, Paragraph 53 is up to date with all changes known to be in force on or before 24 November 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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[F153.—(1) Paragraph 52(1) shall not apply where the statement of proposals states that the administrator thinks—N.I.
(a)that the company has sufficient property to enable each creditor of the company to be paid in full,
(b)that the company has insufficient property to enable a distribution to be made to unsecured creditors other than by virtue of Article 150A(2)(a), or
(c)that neither of the objectives specified in paragraph 4(1)(a) and (b) can be achieved.
(2) But the administrator shall summon an initial creditors' meeting if it is requested—
(a)by creditors of the company whose debts amount to at least 10 per cent. of the total debts of the company,
(b)in the prescribed manner, and
(c)in the prescribed period.
(3) A meeting requested under sub-paragraph (2) must be summoned for a date in the prescribed period.
(4) The period prescribed under sub-paragraph (3) may be varied in accordance with paragraph 108.]
F1Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)
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