Sch. 1A inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1

http://www.legislation.gov.uk/uksi/2021/716/schedule/1AThe Payment and Electronic Money Institution Insolvency Regulations 2021enFINANCIAL SERVICES AND MARKETSStatute Law Database2024-05-20Expert Participation2024-01-04These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4).SCHEDULE 1A

Regulation 47(1A)

How special administration applies to Northern Ireland LLPs 1

This Schedule makes provision about how special administration applies to institutions which are formed as limited liability partnerships under the law of Northern Ireland.

2

In this Schedule “LLPR (NI) 2004” means the Limited Liability Partnerships Regulations (Northern Ireland) 2004.

3

The provisions of the I(NI)O 1989 mentioned in the first column of the Table apply to institutions which are formed as limited liability partnerships with the further modifications (in addition to any set out in the table in regulation 37A) set out in the third column.

Provision

Subject

Modifications

Those mentioned in regulation 5(2) of the LLPR (NI) 2004

Those set out in regulation 5(2) of the LLPR (NI) 2004 (except regulation 5(2)(f) of those Regulations).

Article 13

Meaning of “contributory”

To be read as if—

(a) in paragraph (1) for “every person” there were substituted—

“every past and present member of the limited liability partnership”;

(b) at the end of paragraph (2), there were inserted “or Article 178A (adjustment of withdrawals)”.

(c) paragraph (3) were omitted.

Article 61

Liability as contributories of present and past members

To be read as if it were substituted with—

611

When a limited liability partnership goes into special administration, every present and past member of the limited liability partnership is liable to contribute to its assets as follows.

2

Where a member has agreed with the other members or with the limited liability partnership, that that member be liable to contribute to the assets of the limited liability partnership in the event that that body goes into liquidation or special administration, that member is liable, to the extent that they have so agreed, to contribute—

a

to its assets to any amount sufficient for payment of its debts and liabilities;

b

to the expenses of the special administration;

c

for the adjustment of the rights of the contributories among themselves.

3

A past member shall only be liable under this Article if the obligation arising from such agreement in paragraph (2) survived them ceasing to be a member of the limited liability partnership.

.

Articles 63-65

Contributories

Omitted.

Article 69

Companies registered under the Companies Act 2006

Omitted.

Article 158

Power to make over assets to employees

Omitted.

Article 163

Resolutions passed at meetings

To be read as if after “contributories” there were inserted

“or of the members of a limited liability partnership”

.

Article 178

Wrongful trading

To be read as if after paragraph (2), “but the High Court shall not” to the end of the paragraph were omitted.

After Article 178

Adjustment of withdrawals

The I(NI) O 1989 is to be read as if after Article 178 there were inserted—

178A1

This Article has effect in relation to a person (“P”) who is or has been a member of a limited liability partnership where, in the course of the special administration of that limited liability partnership, it appears that paragraph (2) of this Article applies in relation to P.

2

This paragraph applies in relation to P if—

a

within the period of two years ending with the commencement of the special administration, P was a member of the limited liability partnership who withdrew property of the limited liability partnership, whether in the form of a share of profits, salary, repayment of or payment of interest on a loan to the limited liability partnership or any other withdrawal of property, and

b

it is proved by the administrator to the satisfaction of the court that at the time of the withdrawal P knew or had reasonable grounds for believing that the limited liability partnership—

i

was at the time of the withdrawal unable to pay its debts, or

ii

would become so unable to pay its debts after the assets of the limited liability partnership had been depleted by that withdrawal taken together with all other withdrawals (if any) made by any members contemporaneously with that withdrawal or in contemplation when that withdrawal was made.

3

Where this Article has effect in relation to P, the court, on the application of the administrator, may declare that P is to be liable to make such contribution (if any) to the limited liability partnership’s assets as the court thinks proper.

4

The court may not make a declaration in relation to P the amount of which exceeds the aggregate of the amounts or values of all the withdrawals referred to in paragraph (2) made by P within the period of two years referred to in that paragraph.

5

The court may not make a declaration under this Article with respect to P unless P knew or ought to have concluded that after each withdrawal referred to in paragraph (2) there was no reasonable prospect that the limited liability partnership would avoid going into an insolvency procedure under the Insolvency (Northern Ireland) Order 1989 or special administration.

6

For the purposes of paragraph (5) the facts which P ought to know or ascertain and the conclusions which P ought to reach are those which would be known, ascertained, or reached by a reasonably diligent person having both—

a

the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by P in relation to the limited liability partnership, and

b

the general knowledge, skill and experience that P has.

7

In this Article “member” includes a shadow member.

8

In this section a reference to being unable to pay debts is to be read in accordance with section 93(4) of the BA 2009 (as applied and modified by the EMR 2011 and the PSR 2017).

9

This Article does not limit the effect of Article 178.

.

Article 179

Proceedings under Article 177 or 178

To be read as if—

(a) in paragraph (1), for “Article 177 or 178” there were substituted “Article 177, 178 or 178A”;

(b) in paragraph (2), for “either Article” there were substituted “any of those Articles”;

(c) in paragraph (4), for “either Article” there were substituted “any of those Articles”;

(d) in paragraph (5), for “Articles 177 and 178” there were substituted “Articles 177, 178 and 178A”.

Article 182

Prosecution of delinquent officers and members of company

To be read as if—

(a) in paragraph (1), for “officer, or any member, of the company” there were substituted “member of the limited liability partnership”;

(b) in paragraph (2), (3) and (5) for “officer of the company, or any member of it,” there were substituted “member of the limited liability partnership”.

Article 346 and Schedule 4 to the I(NI)O 1989 (and Schedule 3 to the Pension Schemes (Northern Ireland) Act 1993)

Preferential debts

To be read as if, in Article 346—

(a) in paragraph (1), “or an individual” were omitted;

(b) in paragraph (2), “or the individual” were omitted.

Article 347

“The relevant date”

To be read as if paragraphs (5) and (6) were omitted.

Article 373

Offences by bodies corporate

To be read as if the reference to “secretary” in section 20(2) of the IA(NI) 1954, as referred to in Article 374(4), were omitted.

Schedule B1, paragraph 43

Moratorium on insolvency proceedings

To be read as if for sub-paragraph (2) there were substituted—

2

No determination to wind up the limited liability partnership voluntarily may be made.

.

Schedule B1, paragraph 62

Directors

To be read as if for paragraph 62 there were substituted—

62

The administrator may prevent any person from taking part in the management of the business of the limited liability partnership and may appoint any person to be a manager of that business.

Schedule B1, paragraph 63

Power to call meetings

To be read as if—

(a) the existing provision were renumbered as sub-paragraph (1);

(b) after that sub-paragraph there were inserted—

2

The meeting must be held in a manner provided by the Payment and Electronic Money Institution Insolvency Regulations 2021, special administration insolvency rules or the limited liability partnership agreement.

3

The quorum required for a meeting of the members of the limited liability partnership is any quorum required by the limited liability partnership agreement for meetings of the members of the limited liability partnership and if no requirement for a quorum has been agreed upon, the quorum is 2 members.

.

Schedule B1, paragraph 92

Replacement

To be read as if sub-paragraph (1)(c) were omitted.

Schedule B1, paragraph 106

Majority decision of directors

Omitted.

4

The CDD(NI)O 2002 as applied and modified by these Regulations applies to institutions which are formed as limited liability partnerships with the further modifications set out in regulation 4(2) of and Part 2 of Schedule 2 to the LLPR (NI) 2004.

5

The following legislation applies to institutions which are formed as limited liability partnerships with such modifications as the context requires—

a

to give effect to the I(NI)O 1989 as applied and modified by these Regulations—

i

the Insolvency Practitioners Regulations (Northern Ireland) 2006;

ii

the Insolvency Practitioners (Recognised Professional Bodies) Order (Northern Ireland) 1991;

iii

the Insolvency (Fees) Order (Northern Ireland) 2006;

iv

the Insolvency (Deposits) Order (Northern Ireland) 2006; and

b

to give effect to the CDD(NI)O 2002 as applied and modified by these Regulations and the CA 2006—

i

the Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules (Northern Ireland) 2003;

ii

the Uncertificated Securities Regulations 2001;

iii

the Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003.

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SCHEDULE 1A
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<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">” means the Limited Liability Partnerships Regulations (Northern Ireland) 2004.</ins>
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<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The provisions of the I(NI)O 1989 mentioned in the first column of the Table apply to institutions which are formed as limited liability partnerships with the further modifications (in addition to any set out in the table in regulation 37A) set out in the third column.</ins>
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<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Provision</ins>
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<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Modifications</ins>
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<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 13</ins>
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<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Meaning of “contributory”</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if—</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(a) in paragraph (1) for “every person” there were substituted—</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“every past and present member of the limited liability partnership”;</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(b) at the end of paragraph (2), there were inserted “or Article 178A (adjustment of withdrawals)”.</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(c) paragraph (3) were omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 61</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Liability as contributories of present and past members</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if it were substituted with—</ins>
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown unknown double" startQuote="" endQuote="">
<section eId="d4e192">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">61</ins>
</num>
<subsection eId="d4e197">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">1</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">When a limited liability partnership goes into special administration, every present and past member of the limited liability partnership is liable to contribute to its assets as follows.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e205">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">2</ins>
</num>
<intro>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Where a member has agreed with the other members or with the limited liability partnership, that that member be liable to contribute to the assets of the limited liability partnership in the event that that body goes into liquidation or special administration, that member is liable, to the extent that they have so agreed, to contribute—</ins>
</p>
</intro>
<paragraph eId="d4e213">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">a</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">to its assets to any amount sufficient for payment of its debts and liabilities;</ins>
</p>
</content>
</paragraph>
<paragraph eId="d4e221">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">b</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">to the expenses of the special administration;</ins>
</p>
</content>
</paragraph>
<paragraph eId="d4e229">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">c</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">for the adjustment of the rights of the contributories among themselves.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e237">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">3</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">A past member shall only be liable under this Article if the obligation arising from such agreement in paragraph (2) survived them ceasing to be a member of the limited liability partnership.</ins>
</p>
</content>
</subsection>
</section>
</quotedStructure>
</mod>
<inline name="AppendText">
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">.</ins>
</inline>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Articles 63-65</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Contributories</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 69</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Companies registered under the Companies Act 2006</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 158</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Power to make over assets to employees</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 163</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Resolutions passed at meetings</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if after “contributories” there were inserted </ins>
</p>
<mod>
<quotedText>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“or of the members of a limited liability partnership”</ins>
</quotedText>
</mod>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 178</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Wrongful trading</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if after paragraph (2), “but the High Court shall not” to the end of the paragraph were omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">After Article 178</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Adjustment of withdrawals</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The I(NI) O 1989 is to be read as if after Article 178 there were inserted—</ins>
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown unknown double" startQuote="" endQuote="">
<section eId="d4e317">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">178A</ins>
</num>
<subsection eId="d4e322">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">1</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">This Article has effect in relation to a person (“</ins>
<term refersTo="#term-p">
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">P</ins>
</term>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">”) who is or has been a member of a limited liability partnership where, in the course of the special administration of that limited liability partnership, it appears that paragraph (2) of this Article applies in relation to P.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e335">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">2</ins>
</num>
<intro>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">This paragraph applies in relation to P if—</ins>
</p>
</intro>
<paragraph eId="d4e343">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">a</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">within the period of two years ending with the commencement of the special administration, P was a member of the limited liability partnership who withdrew property of the limited liability partnership, whether in the form of a share of profits, salary, repayment of or payment of interest on a loan to the limited liability partnership or any other withdrawal of property, and</ins>
</p>
</content>
</paragraph>
<paragraph eId="d4e351">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">b</ins>
</num>
<intro>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">it is proved by the administrator to the satisfaction of the court that at the time of the withdrawal P knew or had reasonable grounds for believing that the limited liability partnership—</ins>
</p>
</intro>
<subparagraph eId="d4e359">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">i</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">was at the time of the withdrawal unable to pay its debts, or</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="d4e367">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">ii</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">would become so unable to pay its debts after the assets of the limited liability partnership had been depleted by that withdrawal taken together with all other withdrawals (if any) made by any members contemporaneously with that withdrawal or in contemplation when that withdrawal was made.</ins>
</p>
</content>
</subparagraph>
</paragraph>
</subsection>
<subsection eId="d4e375">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">3</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Where this Article has effect in relation to P, the court, on the application of the administrator, may declare that P is to be liable to make such contribution (if any) to the limited liability partnership’s assets as the court thinks proper.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e383">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">4</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The court may not make a declaration in relation to P the amount of which exceeds the aggregate of the amounts or values of all the withdrawals referred to in paragraph (2) made by P within the period of two years referred to in that paragraph.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e391">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">5</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The court may not make a declaration under this Article with respect to P unless P knew or ought to have concluded that after each withdrawal referred to in paragraph (2) there was no reasonable prospect that the limited liability partnership would avoid going into an insolvency procedure under the Insolvency (Northern Ireland) Order 1989 or special administration.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e399">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">6</ins>
</num>
<intro>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">For the purposes of paragraph (5) the facts which P ought to know or ascertain and the conclusions which P ought to reach are those which would be known, ascertained, or reached by a reasonably diligent person having both—</ins>
</p>
</intro>
<paragraph eId="d4e407">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">a</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by P in relation to the limited liability partnership, and</ins>
</p>
</content>
</paragraph>
<paragraph eId="d4e415">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">b</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the general knowledge, skill and experience that P has.</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e423">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">7</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">In this Article “</ins>
<term refersTo="#term-member">
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">member</ins>
</term>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">” includes a shadow member.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e436">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">8</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">In this section a reference to being unable to pay debts is to be read in accordance with section 93(4) of the BA 2009 (as applied and modified by the EMR 2011 and the PSR 2017).</ins>
</p>
</content>
</subsection>
<subsection eId="d4e444">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">9</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">This Article does not limit the effect of Article 178.</ins>
</p>
</content>
</subsection>
</section>
</quotedStructure>
</mod>
<inline name="AppendText">
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">.</ins>
</inline>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 179</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Proceedings under Article 177 or 178</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if—</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(a) in paragraph (1), for “Article 177 or 178” there were substituted </ins>
<mod>
<quotedText>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“Article 177, 178 or 178A”</ins>
</quotedText>
</mod>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">;</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(b) in paragraph (2), for “either Article” there were substituted </ins>
<mod>
<quotedText>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“any of those Articles”</ins>
</quotedText>
</mod>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">;</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(c) in paragraph (4), for “either Article” there were substituted </ins>
<mod>
<quotedText>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“any of those Articles”</ins>
</quotedText>
</mod>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">;</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(d) in paragraph (5), for “Articles 177 and 178” there were substituted </ins>
<mod>
<quotedText>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“Articles 177, 178 and 178A”</ins>
</quotedText>
</mod>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 182</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Prosecution of delinquent officers and members of company</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if—</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(a) in paragraph (1), for “officer, or any member, of the company” there were substituted </ins>
<mod>
<quotedText>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“member of the limited liability partnership”</ins>
</quotedText>
</mod>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">;</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(b) in paragraph (2), (3) and (5) for “officer of the company, or any member of it,” there were substituted </ins>
<mod>
<quotedText>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“member of the limited liability partnership”</ins>
</quotedText>
</mod>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 346 and Schedule 4 to the I(NI)O 1989 (and Schedule 3 to the Pension Schemes (Northern Ireland) Act 1993)</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Preferential debts</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if, in Article 346—</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(a) in paragraph (1), “or an individual” were omitted;</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(b) in paragraph (2), “or the individual” were omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 347</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">“The relevant date”</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if paragraphs (5) and (6) were omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Article 373</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Offences by bodies corporate</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if the reference to “secretary” in section 20(2) of the IA(NI) 1954, as referred to in Article 374(4), were omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Schedule B1, paragraph 43</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Moratorium on insolvency proceedings</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if for sub-paragraph (2) there were substituted—</ins>
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown unknown double" startQuote="" endQuote="">
<subsection eId="d4e588">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">2</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">No determination to wind up the limited liability partnership voluntarily may be made.</ins>
</p>
</content>
</subsection>
</quotedStructure>
</mod>
<inline name="AppendText">
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">.</ins>
</inline>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Schedule B1, paragraph 62</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Directors</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if for paragraph 62 there were substituted—</ins>
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown unknown double" startQuote="" endQuote="">
<section eId="d4e613">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">62</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The administrator may prevent any person from taking part in the management of the business of the limited liability partnership and may appoint any person to be a manager of that business.</ins>
</p>
</content>
</section>
</quotedStructure>
</mod>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Schedule B1, paragraph 63</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Power to call meetings</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if—</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(a) the existing provision were renumbered as sub-paragraph (1);</ins>
</p>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">(b) after that sub-paragraph there were inserted—</ins>
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown unknown double" startQuote="" endQuote="">
<subsection eId="d4e643">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">2</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The meeting must be held in a manner provided by the Payment and Electronic Money Institution Insolvency Regulations 2021, special administration insolvency rules or the limited liability partnership agreement.</ins>
</p>
</content>
</subsection>
<subsection eId="d4e651">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">3</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The quorum required for a meeting of the members of the limited liability partnership is any quorum required by the limited liability partnership agreement for meetings of the members of the limited liability partnership and if no requirement for a quorum has been agreed upon, the quorum is 2 members.</ins>
</p>
</content>
</subsection>
</quotedStructure>
</mod>
<inline name="AppendText">
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">.</ins>
</inline>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Schedule B1, paragraph 92</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Replacement</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">To be read as if sub-paragraph (1)(c) were omitted.</ins>
</p>
</td>
</tr>
<tr>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Schedule B1, paragraph 106</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Majority decision of directors</ins>
</p>
</td>
<td colspan="1" rowspan="1">
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">Omitted.</ins>
</p>
</td>
</tr>
</table>
</tblock>
</content>
</paragraph>
<paragraph eId="schedule-1A-paragraph-4" period="#period1">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">4</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The CDD(NI)O 2002 as applied and modified by these Regulations applies to institutions which are formed as limited liability partnerships with the further modifications set out in regulation 4(2) of and Part 2 of Schedule 2 to the LLPR (NI) 2004.</ins>
</p>
</content>
</paragraph>
<paragraph eId="schedule-1A-paragraph-5" period="#period1">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">5</ins>
</num>
<intro>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">The following legislation applies to institutions which are formed as limited liability partnerships with such modifications as the context requires—</ins>
</p>
</intro>
<paragraph eId="schedule-1A-paragraph-5-a">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">a</ins>
</num>
<intro>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">to give effect to the I(NI)O 1989 as applied and modified by these Regulations—</ins>
</p>
</intro>
<subparagraph eId="schedule-1A-paragraph-5-a-i">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">i</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the Insolvency Practitioners Regulations (Northern Ireland) 2006;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-1A-paragraph-5-a-ii">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">ii</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the Insolvency Practitioners (Recognised Professional Bodies) Order (Northern Ireland) 1991;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-1A-paragraph-5-a-iii">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">iii</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the Insolvency (Fees) Order (Northern Ireland) 2006;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-1A-paragraph-5-a-iv">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">iv</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the Insolvency (Deposits) Order (Northern Ireland) 2006; and</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-1A-paragraph-5-b">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">b</ins>
</num>
<intro>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">to give effect to the CDD(NI)O 2002 as applied and modified by these Regulations and the CA 2006—</ins>
</p>
</intro>
<subparagraph eId="schedule-1A-paragraph-5-b-i">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">i</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules (Northern Ireland) 2003;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-1A-paragraph-5-b-ii">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">ii</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">the Uncertificated Securities Regulations 2001;</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-1A-paragraph-5-b-iii">
<num>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902">iii</ins>
</num>
<content>
<p>
<ins class="key-82756e2cc58d4c5d95d4294cc0895e32-1705327678902 last">the Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003.</ins>
</p>
</content>
</subparagraph>
</paragraph>
</paragraph>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>