The Insolvency Rules (Northern Ireland) 1991

Hand-over of property, etc. to supervisor

5.24.—(1) Forthwith after the approval of the voluntary arrangement, the debtor in Case 2, and the official receiver or trustee in Case 1, shall do all that is required for putting the supervisor into possession of the assets included in the voluntary arrangement.

(2) On taking possession of the assets in Case 1, the supervisor shall discharge any balance due to the official receiver and (if other) the trustee by way of remuneration or on account of—

(a) costs properly incurred and payable under the Order or the Rules, and

(b) any advances made in respect of the insolvent estate, together with interest on such advances at the rate applicable to a money judgment of the High Court at the date of the bankruptcy order.

(3) Alternatively in Case I, the supervisor must, before taking possession, give the official receiver or the trustee a written undertaking to discharge any such balance out of the first realisation of assets.

(4) The official receiver and (if other) the trustee has in Case 1 a charge on the assets included in the voluntary arrangement in respect of any sums due under paragraph (2) until they have been discharged, subject only to the deduction from realisations by the supervisor of the proper costs of realisation.

(5) Any sums due to the official receiver take priority over those due to a trustee.

(6) The supervisor shall from time to time out of the realisation of assets discharge all guarantees properly given by the official receiver or the trustee for the benefit of the estate, and shall pay all their expenses.

[E.R.5.21]