{
  "url": "https://openlegislation.uk/insolvency-amendment-act-northern-ireland-2026/schedule-4/paragraph-49",
  "json_url": "https://openlegislation.uk/insolvency-amendment-act-northern-ireland-2026/schedule-4/paragraph-49.json",
  "legislation": "nia/2026/6",
  "legislation_title": "Insolvency (Amendment) Act (Northern Ireland) 2026",
  "legislation_url": "https://openlegislation.uk/insolvency-amendment-act-northern-ireland-2026",
  "path": "schedule/4/paragraph/49",
  "kind": "paragraph",
  "number": "49",
  "heading": null,
  "text": "For modified Article 120 (set out in paragraph 16) substitute—\n“Liquidation committee\n120. (1) This Article applies where insolvency orders are made in respect of an insolvent partnership and one or more of its insolvent members by virtue of Article 8 of the Insolvent Partnerships Order (Northern Ireland) 1995.\n(2) If the creditors of the partnership and the creditors of any insolvent members (together as if they were a single set of creditors) decide that a liquidation committee should be established, a liquidation committee is to be established in accordance with the rules.\n(3) A “liquidation committee” is a committee having such functions as are conferred on it by or under this Order.\n(4) The responsible insolvency practitioner must seek a decision from the creditors of the partnership and the creditors of any insolvent members (together as if they were a single set of creditors) as to whether a liquidation committee should be established if requested, in accordance with the rules, to do so by one-tenth in value of the creditors.\n(5) Paragraph (4) does not apply where the responsible insolvency practitioner is the official receiver.”.",
  "extent": "N.I.",
  "status": "prospective",
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 4 para. 49 not in operation at Royal Assent, see s. 120(02)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nia/2026/6/schedule/4/paragraph/49",
    "retrieved_at": "2026-10-29T20:18:58.712686+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}