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Regulation 5 Prescribed insolvency eventsI1

Northern Ireland

(1)

An insolvency event occurs –

F1(a)

F2in relation to a company where—

(i)

an administration order is made by the High Court in respect of the company by virtue of any statutory provision which applies Part III of the Insolvency Order (administration orders) (with or without modification);

(ii)

a notice from an administrator under paragraph 84(2) of Schedule B1 to the Insolvency Order (moving from administration to creditors' voluntary liquidation) in relation to the company is registered by the registrar of companies;

(iii)

the company moves from administration to winding up pursuant to an order of the High Court under Rule 2.133 of the Insolvency Rules (conversion of administration to winding up – power of court), or

(iv)

an administrator or liquidator of the company, being the nominee in relation to a proposal for a voluntary arrangement under Part II of the Insolvency Order (company voluntary arrangements), summons meetings of the company and of its creditors, to consider the proposal, in accordance with Article 16(2) of that Order (summoning of meetings);

(aa)

in relation to a partnership, where—

(i)

F3the partnership moves from administration to winding up pursuant to an order of the High Court under Rule 2.65 of the Insolvency Rules (as applied by an order under Article 364 of the Insolvency Order (insolvent partnerships)) as that Rule stood before the coming into operation of the Insolvency (Amendment) Rules (Northern Ireland) 2006,or

(ii)

an administrator, liquidator or trustee of the partnership, being the nominee in relation to a proposal for a voluntary arrangement under Part II of the Insolvency Order (as applied by an order under Article 364 of that Order), summons meetings of the members of the partnership and of the partnership’s creditors, to consider the proposal, in accordance with Article 16(2) of that Order (as applied by an order under Article 364 of that Order);

(b)

in relation to a relevant body, where –

(i)

any of the events referred to in Article 105(3) (insolvency events) occurs in relation to that body by virtue of the application (with or without modification) of any provision of the Insolvency Order by any other statutory provision, or

(ii)

an administration order is made by the High Court in respect of the relevant body by virtue of any statutory provision which applies Part III of the Insolvency Order (with or without modification);

(c)

in relation to a building society, where there is dissolution by consent of the members under section 87 of the Building Societies Act 1986f1 (dissolution by consent);

(d)

in relation to a friendly society, where there is dissolution by consent of the members under section 20 of the Friendly Societies Act 1992f2 (dissolution by consent), and

(e)

in relation to an industrial and provident society, where there is dissolution by consent of the members under section 67 of the Industrial and Provident Societies Act (Northern Ireland)1969f3 (instrument of dissolution).

(2)

In this regulation –

  • “administration order” means an order whereby the management of the company or relevant body, as the case may be, is placed in the hands of a person appointed by the High Court;

  • “relevant body” means –

    1. (a)

      a credit union within the meaning of Article 2(2) of the Credit Unions (Northern Ireland) Order 1985f4;

    2. (b)

      a limited liability partnership within the meaning of Article 53(6) of the Order (Articles 34 to 52: partnerships and limited liability partnerships);

    3. (c)

      a building society within the meaning of section 119 of the Building Societies Act 1986;

    4. (d)

      a person who has permission to act under Part IV of the FSMA 2000 (permission to carry on regulated activities);

    5. (e)

      the society of Lloyd’s and Lloyd’s members who have permission under Part XIX of the FSMA 2000 (Lloyd's);

    6. (f)

      a friendly society within the meaning of the Friendly Societies Act 1992, or

    7. (g)

      a society which is registered as an industrial and provident society under the Industrial and Provident Societies Act (Northern Ireland) 1969.

F4(3)

In this regulation, a reference to Part III of the Insolvency Order (administration orders) shall, in so far as it relates to a company or society listed in Article 4(1) of the Insolvency (Northern Ireland) Order 2005 (special administration regimes), have effect as if it referred to Part III of the Insolvency Order as it had effect immediately before the coming into operation of Article 3 of the Insolvency (Northern Ireland) Order 2005 (replacement of Part III of the Insolvency Order).

Annotations

Textual amendments

F1

Reg. 5(1)(a)(aa) substituted for reg. 5(1)(a) (24.8.2005) by The Pension Protection Fund (Entry Rules) (Amendment) Regulations (Northern Ireland) 2005 (S.R. 2005/364), regs. 1, 2(4)

F2

Words in reg. 5(1)(a) substituted (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (Minor and Consequential Amendments) Order (Northern Ireland) 2006 (S.R. 2006/61), art. 1, Sch. para. 25(a) (with art. 4)

F3

Reg. 5(1)(aa)(i) substituted (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (Minor and Consequential Amendments) Order (Northern Ireland) 2006 (S.R. 2006/61), art. 1, Sch. para. 25(b) (with art. 4)

F4

Reg. 5(3) inserted (27.3.2006) by The Insolvency (Northern Ireland) Order 2005 (Minor and Consequential Amendments) Order (Northern Ireland) 2006 (S.R. 2006/61), art. 1, Sch. para. 25(c) (with art. 4)

Commencement

I1

Reg. 5 in operation at 6.4.2005, see reg. 1(1)(b)

Footnotes

f1

1986 c. 53

f2

1992 c. 40

f3

1969 c. 24 (N.I.)

f4

S.I. 1985/1205 (N.I. 12)