OpenLegislation

Article 14 Those who may propose an arrangement

Northern Ireland

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1 F1)

The directors of a companyF2(other than one which is in administration or being wound up) may make a proposal under this Part to the company and to its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs (referred to, in either case, as a“voluntary arrangement”).

(2)

A proposal under this Part is one which provides for some person (“the nominee”) to act in relation to the voluntary arrangement either as trustee or otherwise for the purpose of supervising its implementation; and the nominee must be a person who is qualified to act as an insolvency practitioner F3F4... in relation to the voluntary arrangement.

(3)

Such a proposal may also be made—

F5(a)

where the company is in administration, by the administrator,

(b)

where the company is being wound up, by the liquidator.

F6(4)

In this Part “company” means—

(F7a)

a company registered under the Companies Act 2006 in Northern Ireland;

(b)

a company incorporated in an EEA State F8...; or

(c)

a company not incorporated in an EEA State but having its centre of main interests F9either in a member State other than Denmark F10or in the United Kingdom.

(5)

In paragraph (4) in relation to a company, “centre of main interests” has the F11same meaning as in Article 3 of the EU Regulation.

(6)

If a company incorporated outside Northern Ireland has a principal place of business in England and Wales or Scotland (or both in England and Wales and in Scotland), no proposal under this Part shall be made in relation to it unless it also has a principal place of business in Northern Ireland.

Annotations

Textual amendments

F1

mod. by SR 2004/307

F2

Words in art. 14(1) substituted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 21(a) (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)

F3

Words in art. 14(2) repealed (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 28(2), Sch. 3 para. 4, Sch. 4; S.R. 2016/203, art. 2

F4

2002 NI 6

F5

Art. 14(3)(a) substituted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 21(b) (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)

F6

Art. 14(4)-(6) substituted (18.10.2006) for art. 14(4) by Insolvency (Northern Ireland) Order 1989 (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/370), reg. 3(3) (with reg. 4)

F7

Art. 14(4)(a) substituted (1.10.2009) by Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), arts. 2(1), 8, Sch. 1 para. 107(2) (with art. 10)

F8

Words in art. 14(4)(b) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 167(a) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F9

Word in art. 14(4)(c) inserted (31.12.2020) by The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 167(b) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F10

Words in art. 14(4)(c) inserted (31.12.2020) by The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 167(b) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F11

Words in art. 14(5) substituted (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 99 (with reg. 3)

Notes on Part II

Modifications

C1

Pts. II, III applied (with modifications) (14.11.2008) by Insolvency (Company Arrangement or Administration Provisions for an Industrial and Provident Society) Order (Northern Ireland) 2008 (S.R. 2008/445), art. 2

C2

Pt. II (arts. 14-20B) applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 113(6)-(9), 134, 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.

C3

Pt. 2 modified by S.R. 1995/225, Sch. 1 (as amended (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 24 (with art. 3))

C4

Pts. II, III and IV applied (with modifications) by 1986 c. 53, Sch. 15A, Pt. III (as inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6); S.I. 1997/2668, art. 2, Sch. Pt. I (as amended (with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1), 4(4))

C5

Pt. 2 modified by S.R. 1995/225, art. 4, Sch. 1 (as modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 122(2) (with reg. 108))

C6

Pts. 1-5 modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2; (temp.) (27.4.2020 retrospective) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), Sch. 11 para. 8(1)(2), 14 (with ss. 2(2), 5(2)); (26.6.2020) by The Limited Liability Partnerships (Amendment etc.) Regulations 2020 (S.I. 2020/643), reg. 1(1), Sch. 2 (with reg. 3); (16.2.2021) by The Limited Liability Partnerships (Amendment etc.) Regulations 2021 (S.I. 2021/60), reg. 1(1), Sch. 2 (with reg. 4(2)))

C7

Pt. 2 applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 44 (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18)

C8

Pts. 1-5 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 3 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)