[F184.—(1) This paragraph applies where the administrator of a company thinks—N.I.
(a)that the total amount which each secured creditor of the company is likely to receive has been paid to him or set aside for him, and
(b)that a distribution will be made to unsecured creditors of the company (if there are any).
(2) The administrator may send to the registrar a notice that this paragraph applies.
(3) On receipt of a notice under sub-paragraph (2) the registrar shall register it.
(4) If an administrator sends a notice under sub-paragraph (2) he shall as soon as is reasonably practicable—
(a)file a copy of the notice with the High Court, and
(b)send a copy of the notice to each creditor of whose claim and address he is aware.
(5) On the registration of a notice under sub-paragraph (2)—
(a)the appointment of an administrator in respect of the company shall cease to have effect, and
(b)the company shall be wound up as if a resolution for voluntary winding up under Article 70 were passed on the day on which the notice is registered.
(6) The liquidator for the purposes of the winding up shall be—
(a)a person nominated by the creditors of the company in the prescribed manner and within the prescribed period, or
(b)if no person is nominated under paragraph (a), the administrator.
(7) In the application of Part V to a winding up by virtue of this paragraph—
(a)Article 71 shall not apply,
(b)Article 72 shall apply as if the reference to the time of the passing of the resolution for voluntary winding up were a reference to the beginning of the date of registration of the notice under sub-paragraph (2),
(c)Article 75 does not apply,
(d)Articles 84, 85 and 86 shall not apply,
(e)Article 109 shall apply as if the reference to the time of the passing of the resolution for voluntary winding up were a reference to the beginning of the date of registration of the notice under sub-paragraph (2), and
(f)any creditors' committee which is in existence immediately before the company ceases to be in administration shall continue in existence after that time as if appointed as a liquidation committee under Article 87.]
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)