# Insolvency (Amendment) Act (Northern Ireland) 2026, Section 4: Application of proceeds of office-holder claims

Extent: N.I.
Status: prospective

After Article 150ZA insert—
“Application of proceeds of office-holder claims
150ZB. (1) This Article applies where—
(a) there is a floating charge (whether created before or after the coming into operation of this Article) which relates to property of a company which—
(i) is in administration, or
(ii) has gone into liquidation, and
(b) the administrator or the liquidator (referred to in this Article as “the office-holder”) has—
(i) brought a claim under any provision mentioned in paragraph (3), or
(ii) made an assignment in relation to a right of action under any such provision under Article 208ZD.
(2) The proceeds of the claim or assignment are not to be treated as part of the company’s net property, that is to say the amount of its property which would be available for satisfaction of claims of holders of debentures secured by, or holders of, any floating charge created by the company.
(3) The provisions are—
(a) Article 177 or 208ZA (fraudulent trading);
(b) Article 178 or 208ZB (wrongful trading);
(c) Article 202 (transactions at an undervalue);
(d) Article 203 (preferences);
(e) Article 206 (extortionate credit transactions).
(4) Paragraph (2) does not apply to a company if or in so far as it is disapplied by—
(a) a voluntary arrangement in respect of the company, or
(b) a compromise or arrangement agreed under Part 26 or 26A of the Companies Act 2006 (arrangements and reconstructions).”.

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Source: https://www.legislation.gov.uk/nia/2026/6/section/4 (the official version)
Page: https://openlegislation.uk/insolvency-amendment-act-northern-ireland-2026/section-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.