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The Insolvency (Northern Ireland) Order 1989 (Prescribed Part) Order (Northern Ireland) 2006
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Changes and effects yet to be applied to :
- art. 1 coming into force by S.R. 2006/25 art. 1(1)
- art. 2 coming into force by S.R. 2006/25 art. 1(1)
- art. 3 coming into force by S.R. 2006/25 art. 1(1)
- art. 3(2) sum substituted by S.R. 2022/242 art. 2(2)
Prospective
Prospective
Citation, Commencement and InterpretationN.I.
1.—(1) This Order may be cited as the Insolvency (Northern Ireland) Order 1989 (Prescribed Part) Order (Northern Ireland) 2006 and shall come into operation on 27 March 2006.
(2) In this order the “the 1989 Order” means the Insolvency (Northern Ireland) Order 1989.
Commencement Information
I1Art. 1 in operation at 27.3.2006, see art. 1(1)
Minimum value of the company’s net propertyN.I.
2. For the purposes of Article 150A(3)(a) of the 1989 Order the minimum value of the company’s net property shall be £10,000.
Commencement Information
I2Art. 2 in operation at 27.3.2006, see art. 1(1)
Calculation of prescribed partN.I.
3.—(1) The prescribed part of the company’s net property to be made available for the satisfaction of unsecured debts of the company pursuant to Article 150A of the 1989 Order shall be calculated as follows—
(a)where the company’s net property does not exceed £10,000 in value, 50 per cent of that property;
(b)subject to paragraph (2), where the company’s net property exceeds £10,000 in value the sum of—
(i)50 per cent of the first £10,000 in value; and
(ii)20 per cent of that part of the company’s net property which exceeds £10,000 in value.
(2) The value of the prescribed part of the company’s net property to be made available for the satisfaction of unsecured debts of the company pursuant to Article 150A shall not exceed £600,000.
Commencement Information
I3Art. 3 in operation at 27.3.2006, see art. 1(1)
Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 2 February 2006
L.S.
Michael J Bohill
A senior officer of the
Department of Enterprise, Trade and Investment
Prospective
Explanatory Note
(This note is not part of the Order)
This Order sets out the method of calculation of the prescribed part referred to in Article 150A of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I.19)), which was inserted into that Order by Article 7(1) of the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)). The prescribed part is a part of the insolvency estate of a company which, but for Article 150A, would have been available to the holders of debentures secured by floating charges. From the coming into operation of Article 150A and this Order, the amount of money reflecting the prescribed part as calculated by virtue of this Order will need to be set aside to satisfy the claims of unsecured creditors under the Article.
(1)
Formerly the Department of Economic Development; see S.I. 1999/283 (N.I. 1), Article 3(5)
(2)
S.I. 1989/2405 (N.I. 19); Article 150A is inserted into the Order by Article 7(1) of the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10))
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