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Paragraph 61A F1F2

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

(1)

Regulations may make provision for—

(a)

prohibiting, or

(b)

imposing requirements or conditions in relation to,

the disposal, hiring out or sale of property of a company by the administrator to a connected person in circumstances specified in the regulations.

(2)

Regulations under this paragraph may in particular require the approval of, or provide for the imposition of requirements or conditions by—

(a)

creditors of the company,

(b)

the High Court, or

(c)

a person of a description specified in the regulations.

(3)

In sub-paragraph (1), “connected person”, in relation to a company, means—

(a)

a relevant person in relation to the company, or

(b)

a company connected with the company.

(4)

For the purposes of sub-paragraph (3)—

(a)

“relevant person”, in relation to a company, means—

(i)

a director or other officer, or shadow director, of the company;

(ii)

a non-employee associate of such a person;

(iii)

a non-employee associate of the company;

(b)

a company is connected with another if any relevant person of one is or has been a relevant person of the other.

(5)

In sub-paragraph (4), “non-employee associate” of a person means a person who is an associate of that person otherwise than by virtue of employing or being employed by that person.

(6)

Paragraph (11) of Article 4 (extended definition of company) applies for the purposes of sub-paragraphs (3) to (5) as it applies for the purposes of that Article.

(7)

Regulations under this paragraph may make incidental, consequential, supplemental and transitional provision.

(8)

Regulations may not be made under this paragraph unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly.

(9)

This paragraph expires at the end of June 2021 unless the power conferred by it is exercised before then.

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

Sch. B1 para. 61A inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), ss. 9(5), 49(1) (with ss. 2(2), 5(2))

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)

C5

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)