The Insolvency (Northern Ireland) Order 1989

Changes over time for: Paragraph 74

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The Insolvency (Northern Ireland) Order 1989, Paragraph 74 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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Changes and effects yet to be applied to Schedule B1 Paragraph 74:

Instrument amended by 1998 c. 11 s. 23 Sch. 5 Pt.1 Ch. 3 para. 40
Instrument amended (prosp) by S.I. 1994/279 (N.I.) art. 26(1) Sch. 2 para. 15

Changes and effects yet to be applied to the whole Order associated Parts and Chapters:

Whole provisions yet to be inserted into this Order (including any effects on those provisions):

Sch. 9 Pt. 2 para. 66 revoked by 1996 c. 23 s. 107(2) Sch. 4 (Amendment could not be applied. The relevant affected text is not available on legislation.gov.uk)
art. 2B inserted by 2016 c. 2 (N.I.) s. 2(1)
art. 208ZA applied (with modifications) by S.I. 2021/716, reg. 37A (as inserted) by S.I. 2023/1399 reg. 12 (This amendment not applied to Legislation.gov.uk. S. 208ZA is inserted by the Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 1(1) which is currently prospective.)
art. 208ZA-208ZB inserted by 2016 c. 2 (N.I.) s. 1(1)
art. 208ZB applied (with modifications) by S.I. 2021/716, reg. 37A (as inserted) by S.I. 2023/1399 reg. 12 (This amendment not applied to Legislation.gov.uk. S. 208ZB is inserted by the Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 1(1) which is currently prospective.)
art. 345A-345B inserted by 2016 c. 2 (N.I.) s. 1(2)

[F174.—(1) An administrator's statement of proposals under paragraph 50 may not include any action which—N.I.

(a)affects the right of a secured creditor of the company to enforce his security,

(b)would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts, F2...

[F3(bb)would result in an ordinary preferential debt of the company being paid otherwise than in priority to its secondary preferential debts,]

(c)would result in one preferential creditor of the company being paid a smaller proportion of [F4an ordinary preferential debt] than another, F5[F6...

(d)would result in one preferential creditor of the company being paid a smaller proportion of a secondary preferential debt than another,] [F7or

(e)if the company is a relevant financial institution (see Article 347A), would result in any non-preferential debt being paid otherwise than in accordance with the rules in Article 150ZZA(2) or (3).]

(2) Sub-paragraph (1) does not apply to—

(a)action to which the relevant creditor consents,

(b)a proposal for a voluntary arrangement under Part II of this Order (although this sub-paragraph is without prejudice to Article 17(3)), F8. . .

(c)a proposal for a compromise or arrangement to be sanctioned under [F9Part 26 [F10or 26A] of the Companies Act 2006 (arrangements and reconstructions)].

[F11or

(d)a proposal for a cross-border merger within the meaning of regulation 2 of the Companies (Cross-Border Mergers) Regulations 2007.]

(3) The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.]

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)