Article 22 Administration and preferential debts

Paragraph 74(1) of Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (protection for preferential creditors)^f1 is amended as follows.

Omit the “or” at the end of paragraph (b).

After paragraph (b) insert—

“(bb)

would result in an ordinary preferential debt of the company being paid otherwise than in priority to its secondary preferential debts,”.

In paragraph (c), for “his debt” substitute “an ordinary preferential debt”.

At the end of paragraph (c), insert—

“or

(d)

would result in one preferential creditor of the company being paid a smaller proportion of a secondary preferential debt than another.”.