SCHEDULES
SCHEDULE 10 Application of Companies Winding Up Legislation to Incorporated Friendly Societies
Part II Modified Application of Insolvency Act 1986 Parts IV F1, 12 and 13
Annotations:
Amendments (Textual)
Voluntary winding up
16
1
Section 107 (distribution of property) of the Act does not apply; and the following applies in its place.
2
Subject to the provisions of Part IV relating to preferential payments, an incorporated friendly society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors pari passu and, subject to that application, in accordance with the rules of the society.
Words in Sch. 10 Pt. II heading substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 3(a)