PART 5Amendments of Insolvent Partnerships Order (Northern Ireland) 1995

Amendments of Schedule 1 to the Insolvent Partnerships Order (Northern Ireland) 1995I124

1

Schedule 1 to the Insolvent Partnerships Order (Northern Ireland) 199535 (modified provisions of Part 2 of the Order (company voluntary arrangements) as applied by Article 4)36 is amended as follows.

2

In modified Article 17(4) (decisions of meetings)—

a

omit the “or” at the end of sub-paragraph (a);

b

after sub-paragraph (a) insert—

aa

any ordinary preferential debt of the partnership 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 partnership 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 modified Article 17(7) for “has” substitute “,”ordinary preferential debt”, and “secondary preferential debt” each has”.