The Insolvency (Northern Ireland) Order 1989

[F1DistributionN.I.

[F265A—(1) This paragraph applies where a company enters administration before the end of the period of 12 weeks beginning with the day after the end of any moratorium under Part 1A.N.I.

(2) The administrator must make a distribution to the creditors of the company in respect of—

(a)moratorium debts (within the meaning given by Article 148A), and

(b)priority pre-moratorium debts (within the meaning given by Article 148A).

(3) A sum payable under sub-paragraph (2) is to be paid in priority to—

(a)any security to which paragraph 71 applies;

(b)any sums payable under paragraph 100.

(4) The administrator must realise any property necessary to comply with sub-paragraph (2).

(5) The rules may make provision as to the order in which the moratorium and priority pre-moratorium debts rank among themselves for the purposes of this paragraph in a case where the assets of the company are insufficient to meet them in full.]

Modifications etc. (not altering text)

66.—[F3(1) If the assets of a company are sufficient to meet any debts or other liabilities payable under paragraph 65A in full, the administrator of the company may make a distribution to any other creditor of the company.]N.I.

(2) [F4Articles 149 and 150ZZA] shall apply in relation to a distribution under this paragraph as [F5they apply] in relation to a winding up.

(3) A payment may not be made by way of distribution under this paragraph to a creditor of the company who is neither secured nor preferential unless the High Court gives permission.

Modifications etc. (not altering text)

67.  [F6If the debts or other liabilities payable under paragraph 65A have been met, the administrator of a company] may make a payment otherwise than in accordance with paragraph 66 or paragraph 14 of Schedule 1 if he thinks it likely to assist achievement of the purpose of administration.]

Modifications etc. (not altering text)