The Bank Insolvency Rules (Northern Ireland) 2009

Statutory Rules of Northern Ireland

2009 No. 64

BANKING

BANK INSOLVENCY

The Bank Insolvency Rules (Northern Ireland) 2009

Made

18th February 2009

To be laid before Parliament

Coming into operation

25th February 2009

The Lord Chancellor makes the following Rules in exercise of the powers under Article 359 of the Insolvency (Northern Ireland) Order 1989(1).

The Treasury concur in the making of the Rules.

The Lord Chief Justice of Northern Ireland under Article 359 (1A) of the Insolvency (Northern Ireland) Order 1989 concurs in the making of the Rules in so far as they affect court procedure.

The Lord Chancellor has not consulted the Committee existing for the purposes of Article 360 of the Order: this is the first set of rules made in reliance on section 125 of the Banking Act 2009 (“the 2009 Act”)(2) and the duty to consult does not therefore apply to these rules by virtue of section 125 (8) of that Act.

(1)

S.I. 1989/2405(N.I. 19), section 1282 of the Companies Act 2006 (c. 46) inserted a new Article 150ZA into the Insolvency (Northern Ireland) Order 1989 providing for the payment and priority of general expenses of a winding up subject to exceptions prescribed by rules made under Article 359 of the 1989 Order. Article 359 of the Insolvency (Northern Ireland) Order 1989 was amended by the Insolvency (Northern Ireland) 1989 (Amendment) Regulations (Northern Ireland) 2002 S.R. 2002 N. 223).

(2)

2009 c. 1.