46.—(1) Schedule 5 (scope of insolvency rules) shall be amended as follows.N.I.
(2) At the end of paragraph 1 (which becomes sub-paragraph (1)) add—
“(2) Rules made by virtue of this paragraph about the consequence of failure to comply with practice or procedure may, in particular, include provision about the termination of administration.”.
(3) In paragraph 10 (provision as to committees) for “Article 38, 59, 87 or 120” substitute “ Article 59, 87 or 120, or paragraph 58 of Schedule B1 ”.
(4) After paragraph 14 insert—
“14A. Provision about the application of Article 150A which may include, in particular—
(a)provision enabling a receiver to institute winding up proceedings;
(b)provision requiring a receiver to institute winding up proceedings.”.
(5) After paragraph 14A (inserted by sub-paragraph (4)) insert—
14B. Provision which—
(a)applies in relation to administration, with or without modifications, a provision of Parts V to VII and any of Articles 5 to 8 in so far as that Article relates to that provision, or
(b)serves a purpose in relation to administration similar to a purpose that may be served by the rules in relation to winding up by virtue of a provision of this Schedule.”.
(6) In paragraph 29 (general provision) for “Article 34, 57, 111, 121(2) or 199 of this Order” substitute “ Article 57, 111, 121(2) or 199 of, or paragraph 48 of Schedule B1 to, this Order ”.
Commencement Information
I1Sch. 2 (except para. 25) wholly in operation at 27.3.2006, see art. 1(3) and S.R. 2006/21, art. 2 (subject to S.R. 2006/22, arts. 2-7)