Explanatory note

This Order amends the Insolvent Partnerships Order (Northern Ireland) 1995 (S.R. 1995 No. 225) (“the 1995 Order”) with effect from 1st December 1996. The 1995 Order provides a code for the winding up of insolvent partnerships.

In addition to two minor corrections, this Order makes the following change of substance—

Article 7 of the 1995 Order (which provides for the winding up of an insolvent partnership as an unregistered company on the petition of the creditor, a responsible insolvency practitioner, the administrator of the partnership, the supervisor of a voluntary arrangement in relation to a member or the Department where no insolvency petition is presented against a member) is amended by extending the list of petitioners to include any other person other than a member. This will include the Bank of England and the Securities and Investments Board who are entitled under the Banking Act 1987 (c. 22) and the Financial Services Act 1986 (c. 60) respectively to present a petition for the winding up of an insolvent partnership.