The Company Directors Disqualification (Northern Ireland) Order 2002

[F1Amounts payable under compensation orders and undertakingsN.I.

This section has no associated Explanatory Memorandum

19B—(1) A compensation order is an order requiring the person against whom it is made to pay an amount specified in the order—

(a)to the Department for the benefit of—

(i)a creditor or creditors specified in the order;

(ii)a class or classes of creditor so specified;

(b)as a contribution to the assets of a company so specified.

(2) A compensation undertaking is an undertaking to pay an amount specified in the undertaking—

(a)to the Department for the benefit of—

(i)a creditor or creditors specified in the undertaking;

(ii)a class or classes of creditor so specified;

(b)as a contribution to the assets of a company so specified.

(3) When specifying an amount the High Court (in the case of an order) and the Department (in the case of an undertaking) must in particular have regard to—

(a)the amount of the loss caused;

(b)the nature of the conduct mentioned in Article 19A(3)(b);

(c)whether the person has made any other financial contribution in recompense for the conduct (whether under a statutory provision or otherwise).

(4) An amount payable by virtue of paragraph (2) under a compensation undertaking is recoverable as if payable under a court order.

(5) An amount payable under a compensation order or compensation undertaking is provable as a bankruptcy debt.]