# The Insolvency (Northern Ireland) Order 1989, Paragraph 74

Extent: N.I.

(1) An administrator's statement of proposals under paragraph 50 may not include any action which—
(a) affects the right of a secured creditor of the company to enforce his security,
(b) would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts, ...
(bb) would result in an ordinary preferential debt of the company being paid otherwise than in priority to its secondary preferential debts,
(c) would result in one preferential creditor of the company being paid a smaller proportion of an ordinary preferential debt than another, ...
(d) would result in one preferential creditor of the company being paid a smaller proportion of a secondary preferential debt than another, or
(e) if the company is a relevant financial institution (see Article 347A), would result in any non-preferential debt being paid otherwise than in accordance with the rules in Article 150ZZA(2) or (3).
(2) Sub-paragraph (1) does not apply to—
(a) action to which the relevant creditor consents,
(b) a proposal for a voluntary arrangement under Part II of this Order (although this sub-paragraph is without prejudice to Article 17(3)), . . .
(c) a proposal for a compromise or arrangement to be sanctioned under Part 26 or 26A of the Companies Act 2006 (arrangements and reconstructions).
or
(d) a proposal for a cross-border merger within the meaning of regulation 2 of the Companies (Cross-Border Mergers) Regulations 2007.
(3) The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.

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Source: https://www.legislation.gov.uk/nisi/1989/2405/schedule/B1/paragraph/74 (the official version)
Page: https://openlegislation.uk/insolvency-northern-ireland-order-1989/schedule-B1/paragraph-74
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.