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The Banks and Building Societies (Depositor Preference and Priorities) Order 2014
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Preferential debts: general provision
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17.—(1) Article 149 of the Insolvency (Northern Ireland) Order 1989 (preferential debts: general provision) is amended as follows.
(2) In paragraph (1) omit “(within the meaning of Article 346)”.
(3) After paragraph (1) insert—
“(1A) Ordinary preferential debts rank equally among themselves after the expenses of the winding up and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions.
(1B) Secondary preferential debts rank equally among themselves after the ordinary preferential debts and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions.”.
(4) In paragraph (2), omit paragraph (a) and the “and” immediately following it.
(5) After paragraph (2), insert—
“(3) In this Article “preferential debts”, “ordinary preferential debts” and “secondary preferential debts” each has the meaning given in Article 346.”.
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