Paragraph 8ZD Notification of expiryF1
The surety must deliver a notice to the insolvency practitioner and their authorising body no less than 60 days before the date on which any security under a specific penalty sum is due to expire or otherwise cease to have effect for a reason other than the insolvency practitioner’s release or discharge in a case.
The notice must be in writing or in electronic form and contain the following information:
the date the specific penalty sum is due to expire or otherwise cease to have effect;
whether the surety is willing to agree to an extension or renewal of the specific penalty sum; and
details of any conditions attached to the extension or renewal, such as the payment of an additional premium.
The specific penalty sum will continue in force until such date as the surety has complied with this paragraph, unless otherwise agreed by the parties to the bond.
Annotations
Textual amendments
- F1
Sch. 2 paras. 8ZA-8ZD inserted (9.12.2025) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations (Northern Ireland) 2025 (S.R. 2025/177), regs. 1, 5(4) (with reg. 6)