OpenLegislation

The Insolvency (Amendment) (2016 Act) (Commencement No. 2 and Saving Provision) Order (Northern Ireland) 2020

S.R. 2020/236 · Made 3 November 2020

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Insolvency

Made 3rd November 2020

The Department for the Economyf1 makes the following Order in exercise of the powers conferred by section 28(2) and (3) of the Insolvency (Amendment) Act (Northern Ireland) 2016f2.

Annotations to the whole text

Footnotes

f1

The Department of Enterprise, Trade and Investment was renamed the Department for the Economy by section 1(3) of the Departments Act (Northern Ireland( 2016 (2016 c. 5 (N.I.))

f2

2016 c. 2 (N.I.)

Contents

  1. 1Citation and interpretation
  2. 2Appointed day
  3. 3Saving provision
  4. Signature
  5. Explanatory note

1Citation and interpretation

(1)

This Order may be cited as the Insolvency (Amendment) (2016 Act) (Commencement No. 2 and Saving Provision) Order (Northern Ireland) 2020.

(2)

In this Order—

  • “the Act” means the Insolvency (Amendment) Act (Northern Ireland) 2016;

  • “the Insolvency Order” means the Insolvency (Northern Ireland) Order 1989f1.

2Appointed day

The day appointed for the coming into operation of the following provisions of the Act is 4th November 2020.

(a)

section 6 (fast-track voluntary arrangements: notification of the Department).

(b)

section 12 (bankruptcy: early discharge)

(c)

section 27(3) and Schedule 4 insofar as they relate to repeal of Article 253(2) of the Insolvency Order.

3Saving provision

Despite the repeal of Article 253(2) of the Insolvency Order by section 12 of the Act, Article 253(2) continues to have effect in relation to a bankruptcy which commenced before 4th November 2020.

Signature

Sealed with the Official Seal of the Department for the Economy on 3rd November 2020

(L.S.)

Colin Jack

A senior officer of the Department for the Economy

Explanatory note

(This note is not part of the Regulations)

This Order brings into operation certain provisions of the Insolvency (Amendment) Act (Northern Ireland) 2016 (“the Act”).

Article 2 commences section 6 of the Act which amends Article 237C of the Insolvency (Northern Ireland) Order 1989 (“the Insolvency Order”) by adding a requirement for the Official Receiver to notify the Department as well as report to the High Court whether a proposal by a bankrupt for a voluntary arrangement with the Official Receiver acting as nominee (a so-called “fast-track” voluntary arrangement) has been approved or rejected by the bankrupt’s creditors.

Article 2 also commences section 12 of the Act which repeals Article 253(2) of the Insolvency Order- the early discharge procedure.

Article 3 saves the provision in respect of a bankruptcy which commenced before 4 November 2020.