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The Insolvency (Deposits) (Amendment) Order (Northern Ireland) 2011

S.R. 2011/391 · Made 4 November 2011

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 4th November 2011

Coming into operation 31st January 2012

The Department of Enterprise, Trade and Investment f1, with the concurrence of the Department of Finance and Personnel, makes the following Order in exercise of the powers conferred by Article 361(2) and (3) of the Insolvency (Northern Ireland) Order 1989 f2.

Annotations to the whole text

Footnotes

f1

Formerly the Department of Economic Development; see S.I. 1999/283 (N.I. 1), Article 3(5)

f2

S.I. 1989/2405 (N.I. 19); there are amendments to Article 361 which are not relevant to this Order

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Insolvency (Deposits) Order (Northern Ireland) 2006
  3. 3Transitional provisions
  4. Signature
  5. Explanatory note

1Citation and commencement

This Order may be cited as the Insolvency (Deposits) (Amendment) Order (Northern Ireland) 2011 and comes into operation on 31st January 2012.

2Amendment of the Insolvency (Deposits) Order (Northern Ireland) 2006

(1)

Subject to article 3, the Insolvency (Deposits) Order (Northern Ireland) 2006 f1 is amended in accordance with paragraph (2).

(2)

In article 4(1) (deposits – winding up by the High Court and bankruptcy), in the definition of “appropriate deposit” —

(a)

in paragraph (a), for “£690” substitute “£1,165”;

(b)

in paragraph (b), for “£345” substitute “£525”; and

(c)

in paragraph (c), for “£415” substitute “£700”.

3Transitional provisions

The amendments made by article 2 only apply to petitions presented on or after 31st January 2012.

Signature

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 4th November 2011.

L.S.

Michael J Bohill

A senior officer of the

Department of Enterprise, Trade and Investment

The Department of Finance and Personnel concurs.

Sealed with the Official Seal of the Department of Finance and Personnel on 4th November 2011.

L.S.

Michael Daly

A senior officer of the

Department of Finance and Personnel

Explanatory note

(This note is not part of the Order)

This Order amends the Insolvency (Deposits) Order (Northern Ireland) 2006 (S.R. 2006 No. 55) (“the principal Order”).

Article 2 increases the amount of the deposits payable pursuant to article 4 of the principal Order on presenting a winding-up petition or a bankruptcy petition. In the case of a winding-up petition the amount of the deposit is increased to £1,165. In the case of a bankruptcy petition presented by the debtor the deposit is increased to £525. In the case of a bankruptcy petition presented by a person other than the debtor the deposit is increased to £700.

Article 3 provides that the increases only apply to petitions presented on or after 31st January 2012.

A Regulatory Impact Assessment (RIA) has not been prepared for this Order but copies of the RIA which was prepared for the Insolvency (Northern Ireland) Order 2005 which deals with the restructuring of the system of insolvency fees are available from the Legislation Unit, Insolvency Service, Fermanagh House, 20A Ormeau Avenue, Belfast BT2 8NJ.