F1SCHEDULE 15A Application of other companies insolvency legislation to building societies
Part III Modified Application of Parts II, III, 4 and 12 of Insolvency (Northern Ireland) Order 1989
Receivers and managers
47
In Article 48 of the Order (receivership accounts), “prescribed” means prescribed by regulations made by statutory instrument by the F2Treasury.
48
In paragraph (1) of Article 49 of the Order (notification that receiver or manager appointed), the reference to every invoice, order for goods or business letter is a reference to every statement of account, order for goods or services, business letter or advertisement.
F349
Paragraph (3) of Article 50 of the Order (payment of debts out of assets subject to floating charge), as applied to a building society, has effect as if the reference to general creditors included a reference to shareholding members of the society in respect of deposits which are not relevant deposits.
50.
Articles 52 to 59 of the Order (administrative receivers) are omitted.
51.
Article 59A of the Order (floating charge holder not to appoint administrative receiver), as applied to a building society, has effect as if—
(a)
in paragraph (1) the word “qualifying” were omitted; and
(b)
paragraphs (2), (3)(a), (4) and (5) were omitted.
52.
Articles 59B to 59J of the Order (exceptions to prohibition) are omitted.