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Paragraph 85 C1C2C3F1

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

(1)

If the administrator of a company thinks that the company has no property which might permit a distribution to its creditors, he shall send a notice to that effect to the registrar.

F2(1A)

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(1B)

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(2)

The High Court may on the application of the administrator of a company disapply sub-paragraph (1) in respect of the company.

(3)

On receipt of a notice under sub-paragraph (1) F3... the registrar shall register it ....

(4)

On the registration of a notice in respect of a company under sub-paragraph (1) the appointment of an administrator of the company shall cease to have effect.

(5)

If an administrator sends a notice under sub-paragraph (1) he shall as soon as is reasonably practicable—

(a)

file a copy of the notice with the Court, and

(b)

send a copy of the notice to each creditor of whose claim and address he is aware.

(6)

At the end of the period of 3 months beginning with the date of registration of a notice in respect of a company under sub-paragraph (1) the company is deemed to be dissolved F4....

F5(6A)

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(6B)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)

On an application in respect of a company by the administrator or another interested person the Court may—

(a)

extend the period specified in sub-paragraph (6) F6...,

(b)

suspend that period, or

(c)

disapply sub-paragraph (6) F7....

(8)

Where an order is made under sub-paragraph (7) in respect of a company the administrator shall as soon as is reasonably practicable notify the registrar.

(9)

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

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. 85(1A)(1B) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 185(b)(i) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F3

Words in Sch. B1 para. 85(3) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 185(b)(ii) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F4

Words in Sch. B1 para. 85(6) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 185(b)(iii) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F5

Sch. B1 para. 85(6A)(6B) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 185(b)(iv) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F6

Words in Sch. B1 para. 85(7)(a) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 185(b)(v) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F7

Words in Sch. B1 para. 85(7)(c) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 185(b)(v) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

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. 85 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. 85 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)

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)