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Paragraph 50 C1C2C3F1

Northern Ireland

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

C4(1)

The administrator of a company shall make a statement setting out proposals for achieving the purpose of administration.

(2)

A statement under sub-paragraph (1) must, in particular—

(a)

deal with such matters as may be prescribed, and

(b)

where applicable, explain why the administrator thinks that the objective mentioned in paragraph 4(1)(a) or (b) cannot be achieved.

(3)

Proposals under this paragraph may include—

(a)

a proposal for a voluntary arrangement under Part II of this Order (although this paragraph is without prejudice to Article 17(3));

(b)

a proposal for a compromise or arrangement to be sanctioned under F2Part 26 F3or 26A of the Companies Act 2006 (arrangements and reconstructions).

C5(4)

The administrator shall send a copy of the statement of his proposals—

(a)

to the registrar,

(b)

to every creditor of the company of whose claim and address he is aware, and

(c)

to every member of the company of whose address he is aware.

(5)

The administrator shall comply with sub-paragraph (4)—

(a)

as soon as is reasonably practicable after the company enters administration, and

(b)

in any event, before the end of the period of 8 weeks beginning with the day on which the company enters administration.

(6)

The administrator shall be taken to comply with sub-paragraph (4)(c) if he publishes in the prescribed manner a notice undertaking to provide a copy of the statement of proposals free of charge to any member of the company who applies in writing to a specified address.

(7)

An administrator commits an offence if he fails without reasonable excuse to comply with sub-paragraph (5).

(8)

A period specified in this paragraph may be varied in accordance with paragraph 108.

Annotations

Textual amendments

F1

Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)

F2

Words in Sch. B1 para. 50(3)(b) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 166(a) (with arts. 6, 11, 12)

F3

Words in Sch. B1 para. 50(3)(b) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 10(2) (with ss. 2(2), 5(2))

Modifications

C1

Sch. B1 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)

C2

Sch. B1 para. 50 applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 37A (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 12)

C3

Sch. B1 para. 50 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)

C4

Sch. B1 para. 50(1)-(3) excluded (4.1.2024) by S.I. 2021/716, reg. 38(6) (as substituted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 13)

C5

Sch. B1 para. 50(4)-(8) applied (4.1.2024) by S.I. 2021/716, reg. 39(8) (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 14(c))

Notes on Schedule B1

Modifications

C1

Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2

C2

Sch. B1 applied (with modifications) by S.R. 1995/225, Sch. 2 (as amended (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 36 (with art. 3))

C3

Sch. B1 modified by S.R. 1995/225, art. 6, Sch. 2 (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(3) (with reg. 108))

C4

Sch. B1 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), 120 (with reg. 108)