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The Payment and Electronic Money Institution Insolvency (Northern Ireland) Rules 2026

S.R. 2026/11 · Made 22 January 2026 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 2 March 2026.

Financial Services And Markets

Insolvency

Made 22nd January 2026

Coming into operation 2nd March 2026

The Department of Justice makes the following Rules, in exercise of the powers conferred by Article 359(1C), (2), (2C) and (3) of the Insolvency (Northern Ireland) Order 1989f1, as applied by the Payment and Electronic Money Institution Insolvency Regulations 2021f2.

The Department of Finance concurs in the making of these Rules.

The Lady Chief Justice of Northern Ireland concurs in the making of these Rules, in so far as they affect High Court procedure.

Annotations to the whole text

Footnotes

f1

S.I. 1989/2405 (N.I.19). Article 359 was amended by the Insolvency (Northern Ireland) Order 1989 (Amendment Regulations (Northern Ireland) 2002 (S.R. 2002 No. 223), section 15 of and paragraph 81 of Schedule 5 to the Constitutional Reform Act 2005 (c.4), Article 15(1) and (5) of and paragraph 142 of Schedule 18 to the Northern Ireland Act 1998 (Devolution of Policing and Justice Functions) Order 2010 (S.I. 2010/976) and by the Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702).

f2

S.I. 2021/716.

Contents

  1. Part 1: Introductory Provisions
  2. 1Citation
  3. 2Commencement
  4. 3Interpretation
  5. 4Application of Rules
  6. Part 2
  7. Chapter: Application for special administration order
  8. 5Content of application
  9. 6Statement of proposed administrator
  10. 7Affidavit in support of application
  11. 8Filing of application
  12. 9Service of application
  13. 10Proof of service
  14. 11Further notification
  15. 12The hearing
  16. 13The special administration order
  17. 14Costs
  18. 15Notice of special administration order
  19. Part 3: Process of Special Administration
  20. Chapter 1: Notice of appointment and statement of affairs
  21. 16Notification and advertisement of administrator’s appointment
  22. 17Notice requiring statement of affairs
  23. 18Statement of affairs: content
  24. 19Details of the asset pool, safeguarding measures and reconciliation
  25. 20Verification, filing and affidavit
  26. 21Limited disclosure
  27. 22Release from duty to submit statement of affairs
  28. 23Expenses of statement of affairs
  29. 24Submission of accounts
  30. Chapter 2: Statement of proposals
  31. 25Administrator’s proposals
  32. 26Limited disclosure of the statement of proposals
  33. Chapter 3: Initial meeting to consider proposals
  34. 27Initial meeting
  35. 28Notice to officers
  36. 29Business of the initial meeting
  37. 30Adjournment of meeting to approve the statement of proposals
  38. 31Revision of the statement of proposals
  39. 32Meeting to approve the revised statement of proposals
  40. 33Notice to creditors and customers
  41. Chapter 4: Meetings generally
  42. 34Meetings generally
  43. 35Venue
  44. 36Notice of meeting by individual notice: when and where sent
  45. 37Notice of meeting by individual notice: content and accompanying documents
  46. 38Notice of meeting by advertisement only
  47. 39Content of notice for meetings
  48. 40Gazetting and advertisement of meetings
  49. 41Non-receipt of notice of meeting
  50. 42Requisition of meetings
  51. 43Expenses of requisitioned meetings
  52. 44Quorum at meetings
  53. 45Chair at meetings
  54. 46Adjournment by chair
  55. 47Adjournment in absence of chair
  56. 48Claims, proofs and proxies in adjournment
  57. 49Suspension
  58. 50Venue and conduct of company meetings
  59. Chapter 5: Entitlement to vote at meetings
  60. 51Entitlement to vote (creditors)
  61. 52Calculation of voting rights (creditors)
  62. 53Calculation of voting rights: special cases (creditors)
  63. 54Procedure for admitting creditors’ claims for voting
  64. 55Entitlement to vote (customers)
  65. 56Procedure for admitting customers’ relevant funds claims for voting
  66. 57Voting at meetings of creditors and customers
  67. 58Requisite majorities
  68. 59Requisite majorities at contributories’ meetings
  69. 60Appeals against decisions under this Chapter
  70. Chapter 6: Correspondence and remote attendance
  71. 61Correspondence instead of meetings
  72. 62Remote attendance at meetings conducted in accordance with Article 208ZA Not yet in force
  73. 63Action where person excluded Not yet in force
  74. 64Indication to excluded person Not yet in force
  75. 65Complaint Not yet in force
  76. Chapter 7: Records, returns and reports
  77. 66Minutes
  78. 67Returns or reports of meetings
  79. Chapter 8: The creditors’ committee
  80. 68Constitution of creditors’ committee
  81. 69Formalities of establishment
  82. 70Functions and meetings of the creditors’ committee
  83. 71The chair at meetings
  84. 72Quorum
  85. 73Creditors’ committee members’ representatives
  86. 74Resignation
  87. 75Termination of membership
  88. 76Removal
  89. 77Vacancies
  90. 78Procedure at meetings
  91. 79Remote attendance at meetings of creditors’ committee
  92. 80Procedure for requests that a place for a meeting should be specified
  93. 81Resolutions of creditors’ committees by post
  94. 82Information from administrator
  95. 83Expenses of members
  96. 84Members dealing with the institution
  97. 85Formal defects
  98. Chapter 9: Progress reports
  99. 86Content of progress report
  100. 87Delivering a progress report
  101. Chapter 10: Proxies and corporate representation
  102. 88Definition of proxy
  103. 89Issue and use of forms
  104. 90Use of proxies at meetings
  105. 91Retention of proxies
  106. 92Right of inspection
  107. 93Proxy-holder with financial interest
  108. 94Corporate representation
  109. Chapter 11: Disposal of charged property
  110. 95Application to dispose of charged property
  111. Part 4: Expenses of the special administration
  112. 96Expenses of voluntary arrangement
  113. 97Expenses to be paid out of the institution’s assets
  114. 98Expenses to be paid out of the relevant funds
  115. 99Pre-administration costs
  116. 100Allocation of expenses to be paid from the relevant funds
  117. Part 5: Relevant funds claims
  118. 101Content of relevant funds claim
  119. 102Debt in a foreign currency
  120. 103Costs of making a claim
  121. 104New administrator appointed
  122. 105Admission and rejection of relevant funds claim
  123. 106Appeal against decision on relevant funds claim
  124. 107Withdrawal or variation of relevant funds claim
  125. 108Exclusion of relevant funds claim by the court
  126. Part 6: Objective 1
  127. Chapter 1: Setting a bar date and further notifications
  128. 109Notice of the bar date
  129. 110Notifying potential claimants after bar date has passed
  130. Chapter 2: Distribution plan
  131. 111Distribution plan
  132. 112Approval by the creditors’ committee
  133. 113Approval by the court
  134. 114Treatment of late claimants
  135. Part 7: Distributions to creditors
  136. Chapter 1: Application
  137. 115Distribution to creditors
  138. 116Debts of institution to rank equally
  139. 117Supplementary provisions as to dividend
  140. 118Division of unsold assets
  141. Chapter 2: Proofs of debt
  142. 119Proving a debt
  143. 120Costs of proving
  144. 121Administrator to allow inspection of proofs
  145. 122New administrator appointed
  146. 123Admission and rejection of proofs for dividend
  147. 124Appeal against decision on proof
  148. 125Withdrawal or variation of proof
  149. 126Exclusion of proof by the court
  150. Chapter 3: Quantification of claims
  151. 127Estimate of quantum
  152. 128Negotiable instruments
  153. 129Secured creditors
  154. 130Discounts
  155. 131Mutual credit and set-off
  156. 132Debt in a foreign currency
  157. 133Payments of a periodical nature
  158. 134Interest
  159. 135Debt payable at a future time
  160. 136Value of security
  161. 137Surrender for non-disclosure
  162. 138Redemption by administrator
  163. 139Test of security’s value
  164. 140Realisation of security by creditor
  165. 141Notice of proposed distribution
  166. 142Admission or rejection of proofs
  167. 143Postponement or cancellation of dividend
  168. 144Declaration of a dividend
  169. 145Notice of declaration of a dividend
  170. 146Payments of dividend and related matters
  171. 147Notice of no dividend or no further dividend
  172. 148Proof altered after payment of dividend
  173. 149Secured creditors
  174. 150Disqualification from dividend
  175. 151Assignment of right to dividend
  176. 152Debt payable at a future time
  177. Part 8: The Administrator
  178. Chapter 1: Powers of the administrator
  179. 153General powers
  180. 154Powers of disclaimer
  181. 155Communication of disclaimer to persons interested
  182. 156Additional notices
  183. 157Records
  184. 158Application by interested party
  185. 159Interest in property to be declared on request
  186. 160Disclaimer presumed valid and effective
  187. 161Application for the exercise of court’s powers under Article 155
  188. Chapter 2: Fixing of remuneration
  189. 162Fixing of remuneration
  190. 163Recourse to meeting of creditors and customers
  191. 164Recourse to the court
  192. 165Creditors’ and customers’ request for further information
  193. 166Claim that remuneration is excessive
  194. 167Review of remuneration
  195. 168Remuneration of new administrator
  196. 169Apportionment of set fee remuneration
  197. Chapter 3: Replacing the administrator
  198. 170Grounds for resignation
  199. 171Notice of intention to resign
  200. 172Notice of resignation
  201. 173Application to court to remove administrator from office
  202. 174Notice of vacation of office when administrator ceases to be qualified
  203. 175Administrator deceased
  204. 176Application to replace
  205. 177Notification and advertisement of appointment of replacement administrator
  206. 178Notification and advertisement of appointment of joint administrator
  207. 179Notification of new administrator
  208. 180Administrator’s duties on vacating office
  209. Part 9: End of special administration
  210. 181Final progress reports
  211. 182Application to court by administrator
  212. 183Application to court by creditor
  213. 184Notification by administrator of court order
  214. 185Moving from special administration to dissolution
  215. Part 10: Court procedure and practice
  216. Chapter 1: Application of the Rules of the Court of Judicature
  217. 186Principal court rules and practice to apply
  218. Chapter 2: The Court
  219. 187Shorthand writers — nomination, appointment, remuneration and costs
  220. 188Court file
  221. 189Office copies of documents
  222. 190Payments into court
  223. Chapter 3: Obtaining information and evidence
  224. 191Further information and discovery
  225. 192Affidavits — general
  226. 193Filing and service of affidavits
  227. 194Evidence provided by the administrator
  228. Chapter 4: Service of court documents
  229. 195Application of Chapter
  230. 196Service of court documents within the jurisdiction
  231. 197Service of court documents outside jurisdiction
  232. 198Service of orders staying proceedings
  233. 199Service on joint office-holders
  234. Chapter 5: Applications to court – general
  235. 200Application of Chapter
  236. 201Form and contents of application
  237. 202Filing and service of application
  238. 203Directions
  239. 204Hearings without notice
  240. 205Hearing of application
  241. 206Adjournment of the hearing of an application
  242. Chapter 6: Applications to the court under Article 150A of the I (N.I.) O 1989
  243. 207Application of Chapter
  244. 208Applications under Article 150A(5) to disapply Article 150A
  245. 209Notice of application under Article 150A(5)
  246. 210Notice of an order under Article 150A(5)
  247. Chapter 7: Applications for an order under Article 200 of the I (N.I.) O 1989
  248. 211Application of Article 200 of the I (N.I.) O 1989
  249. 212Form and contents of application
  250. 213Order for examination etc.
  251. 214Procedure for examination
  252. 215Record of examination
  253. 216Costs of proceedings under Article 200 of the I (N.I.) O 1989
  254. Chapter 8: People who lack capacity to manage their affairs etc.
  255. 217Application of Chapter 8
  256. 218Appointment of another person to act
  257. 219Affidavit in support of application
  258. 220Service of notices following appointment
  259. Chapter 9: Formal defects
  260. 221Formal defects
  261. Chapter 10: Costs and taxation
  262. 222Application of Chapter 10
  263. 223Requirement to tax costs
  264. 224Procedure where taxation is required
  265. 225Costs paid otherwise than out of the institution’s estate
  266. 226Award of costs against the administrator
  267. 227Applications for costs
  268. 228Costs and expenses of witnesses
  269. 229Final costs certificate
  270. Chapter 11: Enforcement procedures
  271. 230Enforcement of court orders
  272. 231Orders enforcing compliance with these Rules
  273. 232Warrants (general provisions)
  274. 233Warrants under Article 200
  275. Chapter 12: Appeals
  276. 234Application of Chapter 12
  277. 235Appeals and reviews of court orders
  278. 236Procedure on appeal
  279. 237Appeal against decision of the Secretary of State
  280. Part 11: Prohibited names
  281. 238Preliminary
  282. 239Application for permission under Article 180(3)
  283. 240First excepted case
  284. 241Second excepted case
  285. 242Third excepted case
  286. Part 12: Provisions of general effect
  287. Chapter 1: Miscellaneous and general
  288. 243Costs, expenses etc
  289. 244Provable debts
  290. 245False representation of status for purpose of inspecting documents
  291. 246Punishment of offences
  292. Chapter 2: The giving of notice and the supply of documents
  293. 247Application
  294. 248Personal delivery
  295. 249Postal delivery of documents
  296. 250Notice etc to authorised recipients
  297. Chapter 3: The giving of notice and the supply of documents to or by the administrator
  298. 251Application
  299. 252The form
  300. 253Proof of sending
  301. 254Authentication
  302. 255Electronic delivery — general
  303. 256Electronic delivery by administrator
  304. 257Use of websites by administrator
  305. 258General use of websites to deliver notices and other documents Not yet in force
  306. 259Electronic delivery of special administration documents to court
  307. 260Notice etc to joint administrators
  308. 261Execution overtaken by judgment debtor’s insolvency
  309. 262Notice to the Enforcement of Judgments Office
  310. 263Electronic submission of information
  311. 264Contents of notices to be gazetted
  312. 265Gazette notices relating to an institution that is a company
  313. 266Omission of unobtainable information
  314. 267The Gazette — general
  315. 268Content of notices advertised other than in the Gazette
  316. 269Non-Gazette notice relating to an institution that is a company
  317. 270Non-Gazette notices — other provisions
  318. Chapter 4: Notifications to the registrar of companies
  319. 271Application of Chapter 4
  320. 272Information to be contained in all notifications to the registrar of companies
  321. 273Notification relating to the administrator
  322. 274Notifications relating to documents
  323. 275Notifications relating to court orders
  324. 276Notifications relating to other events
  325. 277Notifications of more than one nature
  326. 278Notifications made to other persons at the same time
  327. Chapter 5: Further provisions concerning documents
  328. 279Confidentiality of documents — grounds for refusing inspection
  329. 280Right to copy documents
  330. 281Charges for copy documents
  331. 282Right to have list of creditors
  332. Chapter 6: Time limits and security
  333. 283Time limits
  334. 284Administrator’s security
  335. Chapter 7: Transfer of proceedings
  336. 285Proceedings commenced in the wrong division of the High Court
  337. 286Proceedings other than special administration commenced
  338. Part 13: General interpretation and application
  339. 287Introduction
  340. 288“The High Court” and “the Master”
  341. 289Remote attendance at meetings and place
  342. 290Insolvent estate
  343. 291The appropriate fee
  344. 292“Debt” and “liability”
  345. 293Application of the I (N.I.) O 1989 and the Company Directors Disqualification (N.I.) Order 2002
  346. Signature
  347. Schedule Punishment of offences
  348. Explanatory note