The Insolvency Practitioners Regulations (Northern Ireland) 2006

PART 1 Introductory

Citation and commencement

1.  These Regulations may be cited as the Insolvency Practitioners Regulations (Northern Ireland) 2006 and shall come into operation on 27 March 2006.

Interpretation: general

2.—(1) In these Regulations—

“commencement date” means the date on which these Regulations come into operation;

“the Department” means the Department of Enterprise, Trade and Investment;

“initial capacity” shall be construed in accordance with regulation 3;

“insolvency practitioner” means a person who is authorised to act as an insolvency practitioner by virtue of—

(a)

membership of a body recognised pursuant to Article 350 of the Order; or

(b)

an authorisation granted pursuant to Article 352 of the Order;

“insolvent” means a person in respect of whom an insolvency practitioner is acting;

“the Order” means the Insolvency (Northern Ireland) Order 1989;

“subsequent capacity” shall be construed in accordance with regulation 3.

(2) In these Regulations a reference to the date of release or discharge of an insolvency practitioner includes—

(a) where the insolvency practitioner acts as nominee in relation to proposals for a voluntary arrangement under Part II or Chapter II of Part VIII of the Order, whichever is the earlier of the dates on which—

(i) the proposals are rejected by creditors;

(ii) he is replaced as nominee by another insolvency practitioner; or

(iii) the arrangement takes effect without his becoming supervisor in relation to it; and

(b) where an insolvency practitioner acts as supervisor of a voluntary arrangement, whichever is the earlier of the dates on which—

(i) the arrangement is completed or terminated; or

(ii) the insolvency practitioner otherwise ceases to act as supervisor in relation to the arrangement.

Interpretation – meaning of initial and subsequent capacity

3.—(1) In these Regulations an insolvency practitioner holds office in relation to an insolvent in a “subsequent capacity” where he holds office in relation to that insolvent in one of the capacities referred to in paragraph (3) and immediately prior to his holding office in that capacity, he held office in relation to that insolvent in another of the capacities referred to in that paragraph.

(2) The first office held by the insolvency practitioner in the circumstances referred to in paragraph (1) is referred to in these Regulations as the “initial capacity”.

(3) The capacities referred to in paragraph (1) are:

(a) nominee in relation to proposals for a voluntary arrangement under Part II of the Order;

(b) supervisor of a voluntary arrangement under Part II of the Order;

(c) administrator;

(d) provisional liquidator;

(e) liquidator;

(f) nominee in relation to proposals for a voluntary arrangement under Chapter II of Part VIII of the Order;

(g) supervisor of a voluntary arrangement under Chapter II of Part VIII of the Order; and

(h) trustee.

Revocations and transitional and saving provisions

4.—(1) Subject to paragraphs (2), (3) and (4), the Regulations listed in Schedule 1 shall be revoked.

(2) Parts I and II of the Insolvency Practitioners Regulations (Northern Ireland) 1991(1) shall continue to apply in relation to an application for authorisation under Article 352 of the Order to act as an insolvency practitioner made to the Department before the commencement date and accordingly nothing in these Regulations shall apply to such an application.

(3) Parts I, III and IV of the Insolvency Practitioners Regulations (Northern Ireland) 1991 shall continue to apply in relation to any case in respect of which an insolvency practitioner is appointed—

(a) before the commencement date; or

(b) in a subsequent capacity and he was appointed in an initial capacity in that case before the commencement date.

(4) Only regulations 16 and 17 shall apply in relation to the cases mentioned in paragraph (3).

(1)

S.R. 1991 No. 302 as amended by S.R. 1993 No. 317 and S.R. 1993 No. 454