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Explanatory Memorandum to Insolvency (Northern Ireland) Order 2005

Insolvency (Northern Ireland) Order 2005

2005 No. 1455

Commentary on Provisions

Article 7: Unsecured creditors

This Article inserts a new Article 150A (Share of assets for unsecured creditors) into the Insolvency (NI) Order 1989, to set aside a percentage share of the net property of a company in liquidation, administration, provisional liquidation or receivership to go to unsecured creditors.

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