PART 4Amendments of Insolvency (Northern Ireland) Order 1989
Moratorium where directors propose voluntary arrangement and preferential debtsI121
1
Schedule A1 to the Insolvency (Northern Ireland) Order 1989 (moratorium where directors propose voluntary arrangement)28 is amended as follows.
2
In paragraph 41(5)—
a
omit the “or” at the end of sub-paragraph (a);
b
after sub-paragraph (a) insert—
aa
any ordinary preferential debt of the company is to be paid otherwise than in priority to any secondary preferential debts that it may have,
c
in sub-paragraph (b)—
i
for “a preferential debt”, substitute “an ordinary preferential debt”, and
ii
for “another”, substitute “another ordinary”;
d
at the end of sub-paragraph (b), insert—
or
c
a preferential creditor of the company is to be paid an amount in respect of a secondary preferential debt that bears to that debt a smaller proportion than is borne to another secondary preferential debt by the amount that is to be paid in respect of that other debt.
3
In paragraph 41(8), after “preferential debts” insert “, ordinary preferential debts, secondary preferential debts”.