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The Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2003

S.R. 2003/547 · Made 22 December 2003

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INSOLVENCY

Made 22nd December 2003

Coming into operation 2nd February 2004

The Department of Enterprise, Trade and Investmentf1 in exercise of the powers conferred on it by Articles 349(3) and 363 of the Insolvency (Northern Ireland) Order 1989f2 and of every other power enabling it in that behalf, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

Formerly the Department of Economic Development; see S.I. 1999/283 (N.I. 1); Article 3(5)

f2

S.I. 1989/2405 (N.I. 19)

Contents

  1. 1Citation and commencement
  2. 2Amendments to the 1991 Regulations
  3. 3Amendments to the 1991 Regulations
  4. 4Amendments to the 1991 Regulations
  5. 5Amendments to the 1991 Regulations
  6. Signature
  7. Explanatory note

1Citation and commencement

These Regulations may be cited as the Insolvency Practitioners (Amendment) Regulations (Northern Ireland) 2003 and shall come into operation on 2nd February 2004.

2Amendments to the 1991 Regulations

The Insolvency Practitioners Regulations (Northern Ireland) 1991f1 (“the 1991 Regulations”) are amended as set out in regulations 3 to 5.

3Amendments to the 1991 Regulations

In regulation 12 of the 1991 Regulations, after paragraph (c) there is inserted –

“or

(d)

a nominee in relation to a voluntary arrangement under Part II or Part VIII of the Order subsequently becomes supervisor of the arrangement;”.

4Amendments to the 1991 Regulations

In regulation 13A of the 1991 Regulations, after paragraph (2) there is inserted –

“(3)

In this regulation a reference to an insolvency practitioner obtaining his release or discharge includes any case where the insolvency practitioner –

(a)

has acted as nominee in relation to a voluntary arrangement under Part II or Part VIII of the Order; and

(b)

is replaced by another insolvency practitioner (whether acting as nominee or supervisor in relation to the voluntary arrangement in question).”.

5Amendments to the 1991 Regulations

In Part II of Schedule 2 to the 1991 Regulations –

(a)

after paragraph 1(a)(ix) there is inserted –

“(x)

a nominee in relation to a voluntary arrangement proposed under Part II or Part VIII of the Order;”;

(b)

for the words “paragraph 1(a)(i)–(iv) and (vi)–(viii)” in paragraph 2(a) there is substituted the words “paragraph 1(a)(i)–(iv), (vi)–(viii) and (x)”.

Signature

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 22nd December 2003.

L.S.

Michael J. Bohill

A senior officer of the

Department of Enterprise, Trade and Investment

Explanatory note

(This note is not part of the Order.)

These Regulations make amendments to the Insolvency Practitioners Regulations (Northern Ireland) 1991 in the light of the amendments made by Article 6 of the Insolvency (Northern Ireland) Order 2002 to Article 3 of the Insolvency (Northern Ireland) Order 1989 which defines the meaning of “act as an insolvency practitioner”. The requirements of the 1991 Regulations relating to security or caution are extended to cover cases where a person acts as a nominee in relation to a voluntary arrangement under Part II or Part VIII of the Insolvency (Northern Ireland) Order 1989.