SCHEDULE 5Co-ownership schemes: application of the Insolvency Rules (Northern Ireland) 1991
PART 2Table of specific modifications of the Insolvency Rules (Northern Ireland) 1991
Rule | Subject | Modification |
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Part 4 (companies winding up) | ||
Chapter 1 (the scheme of Part 4) | ||
4.002 | Winding up by the court: the various forms of petition |
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Chapter 2 (the statutory demand) | ||
4.004 | Preliminary | In paragraph (2) the reference to a company is to be read as a reference to the operator of a relevant scheme. |
4.005 | Form and content of statutory demand | In paragraph (2)(a) the reference to the company's liability is to be read as a reference to the liability of the relevant scheme in relation to which the statutory demand has been served. |
4.006 | Information to be given in statutory demand | In paragraph (1)(c) the reference to the company is to be read as a reference to the operator of the relevant scheme in relation to which the statutory demand has been served. |
Chapter 3 (petition to winding-up order) | ||
4.007 | Presentation and filing of petition | Paragraph (3) is to be read as if the words “If the petitioner is other than the company itself,” were omitted. |
4.008 | Service of petition | This Rule is to be read as if paragraph (2) required the petition is to be served at the registered office or principal place of business of the operator and of the depositary. Paragraphs (3) to (5) apply in relation to the operator and in relation to the depositary as they apply in relation to a company on which a petition is served. |
4.010 | Other persons to receive copies of petition | This Rule is to be read as if there were substituted for paragraphs (1) to (5)—
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4.011 | Notice and advertisement of petition | The advertisement must state (instead of the particulars in paragraph (5)(a)) the name of the relevant scheme, the name and registered office (or principal place of business) of the operator and of the depositary and, if service of the petition was effected overseas, the address at which it was effected. |
4.013 | Persons entitled to copy of petition | This Rule is to be read as if the word “director,” were omitted. |
4.015 | Dismissal or withdrawal of petition | In paragraph (1)(c) the reference to the company is to be read as a reference to the operator and the depositary. |
4.018 | Affidavit by company in opposition |
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Chapter 4 (petition by contributories) | ||
4.024 to 4.026 | Petition by contributories | These Rules do not apply. |
Chapter 5 (provisional liquidator) | ||
4.027 | Appointment of provisional liquidator | Paragraph (1) is to be read as if it provided that an application for the appointment of a provisional liquidator may be made by the operator, the depositary, the FCA or a creditor. |
4.031 | Security | In paragraph (2)(a) the reference to the making of an order on the company is to be read as a reference to the making of an order on the operator and the depositary. |
Chapter 6 (Statement of affairs and other information) | ||
4.043 | Submission of accounts | A reference to the accounts of the company is to be read as a reference to the accounts relating to the affairs of the relevant scheme. |
Chapter 7 (information to creditors and contributories) | ||
4.047 | Reports by official receiver | This Rule is to be read as if paragraphs (1A) and (1B) were omitted. |
4.052 | Winding up stayed | In paragraph (2) the reference to the company is to be read as a reference to the operator. |
Chapter 8 (meetings of creditors and contributories) | ||
4.065 | Attendance at meetings of company's personnel |
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Chapter 9 (proof of debts in a liquidation) | ||
4.085 | Liquidator to allow inspection of proofs | The reference to any contributory of the company is to be read as a reference to the operator or the depositary. |
4.089 | Appeal against decision on proof | In paragraph (3) the reference to a contributory is to be read as a reference to the operator or the depositary. |
4.096 | Mutual credits and set-off | A reference to mutual credits, mutual debts or other mutual dealings between the company and any creditor is to be read as a reference to mutual credits etc. between the operator on behalf of the participants and a creditor, and a reference to any obligation to or from the company, or any sum due or owed to, or due from, the company is to be read accordingly. |
Chapter 10 (secured creditors) | ||
4.104 | Test of security's value | In paragraph (2) the reference to the liquidator on behalf of the company is to be read as a reference to the liquidator acting in the best interests of the relevant scheme. |
Chapter 11 (the liquidator) | ||
4.131 | Release of official receiver | This Rule is to be read as if paragraph (2A) were omitted. |
4.132 | Final meeting | This Rule is to be read as if paragraph (2A) were omitted. |
4.135 | Other matters affecting remuneration | Paragraph (3) is to be read as if for the words “act on behalf of the company” there were substituted |
4.145 | Liquidator's duties on vacating office | A reference to the company's books, papers and other records is to be read as a reference to all books, papers and other records affecting or relating to the affairs of, or the property subject to, the relevant scheme. |
4.157 | Power of court to set aside certain transactions | Paragraph (1) is to be read as if the court's power to order the liquidator to compensate the company for loss suffered in consequence of a transaction which is set aside included power to order the liquidator, by way of compensation for loss suffered in consequence of such a transaction, to contribute any sum to the property subject to the relevant scheme. |
Chapter 12 (the liquidation committee) | ||
4.160 | Membership of committee | Paragraph (1) is to be read as if the words “Subject to Rule 4.162,” were omitted. |
4.162 | Committee established by contributories | This Rule does not apply. |
4.179 | Composition of committee when creditors paid in full |
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Chapter 14 (collection and distribution of company's assets by liquidator | ||
4.190 | Debts of insolvent company to rank equally | This Rule is to be read as if the references to preferential debts were omitted. |
Chapter 15 (disclaimer) | ||
4.198 | Communication of disclaimer to persons interested | In paragraph (2) the reference to a person who claims under the company as underlessee or mortgagee is to be read as a reference to a person claiming as underlessee or mortgagee under the leasehold title which is held by the depositary (or a person nominated by the depositary to hold the leasehold title). |
Chapters 16, 17 and 18 | ||
4.205 to 4.211 | Settlement of list of contributories | These Rules do not apply. |
4.212 to 4.215 | Calls | These Rules do not apply. |
4.216 to 4.220 | Special manager | These Rules do not apply. |
Chapter 19 (public examination of company officers and others) | ||
4.223 | Order on request by creditors or contributories | In paragraph (3) the reference to the relationship which the proposed examinee has, or has had, to the company is to be read as a reference to that person's interest in the relevant scheme or dealings with the operator. |
Chapter 20 (order of payment of costs out of assets) | ||
4.228 | General rule as to priority | Paragraph (2) is to be read as if sub-paragraph (b) were omitted. Paragraph (3) is to be read as if the words “Subject as provided in Rules 4.228A to 4.228E,” were omitted. In paragraphs (2) and (3) a reference to any legal action or proceedings or any arbitration or other dispute resolution procedure which the liquidator has power to bring or defend in the name of the company is to be read as a reference to such action, proceedings or procedure which the liquidator has power to bring or defend on behalf of the participants. |
4.228A to 4.228E | Litigation expenses and property subject to a floating charge | These Rules do not apply. |
4.230 | Saving for powers of the court |
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Chapter 21 (miscellaneous rules) | ||
4.231 and 4.232 | Order authorising a return of capital | These Rules do not apply. |
4.233 | Statement to registrar under Article 162 | This Rule is to be read as if paragraph (2) were omitted. |
4.234 and 4.235 | Dissolution after winding up | These Rules do not apply. |
Chapters 22 and 23 | ||
4.236 to 4.240 | Leave to act as director, etc., of company with prohibited name | These Rules do not apply. |
4.241 | EC Regulation – member state liquidator | This Rule does not apply. |
Part 7 (court procedure and practice) | ||
7.05 | Preliminary | The reference to a petition for a winding-up order under Part V is to be read as a reference to a petition presented under regulation 17(9). |
7.27 | Right to inspect the file |
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7.37 | Costs and expenses of witnesses |
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7.51 | Restriction on concurrent proceedings and remedies | The reference to the property of a company is to be read as a reference to the property subject to a relevant scheme. |
Part 8 (proxies and company representation) | ||
8.5 | Right of inspection | In paragraph (3) the right of inspection exercisable in the case of an insolvent company by its directors is exercisable in the case of the relevant scheme by the operator or the depositary. |
Part 12 (miscellaneous and general) | ||
12.08 | Forms for use in insolvency proceedings | Any form prescribed for use by this Rule which is used in proceedings for winding up a relevant scheme is to be read with the modifications set out in this Schedule (so far as applicable for the form concerned). This Rule is to be read, in relation to such a form, as subject to a requirement to vary the form as necessary to take account of applicable modifications. |
12.17 | Charge for copy documents | The first reference to a member is to be read as a reference to a participant. |
12.20 | False claim of status as creditor, etc. |
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