PART 5Amendments of Insolvent Partnerships Order (Northern Ireland) 1995
Amendments of Schedule 1 to the Insolvent Partnerships Order (Northern Ireland) 1995I124
1
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”.