Insolvency (Northern Ireland) Order 1989
|Publication Date:||January 01, 1989|
The Insolvency (Northern Ireland) Order 1989
1. Title and commencement.
2. General interpretation.
3. "Act as insolvency practitioner" .
4. "Associate" .
Interpretation for Parts II to VII
6. "Insolvency" and "go into liquidation" .
7. "Connected with a company" .
8. "Member of a company" .
Interpretation for Parts VIII to X
10. "Security" , etc.
11. "Bankrupt's estate" .
Interpretation for this Order and the Companies Order
12. "Receiver or manager" .
13. "Contributory" .
PARTS II TO VII COMPANY INSOLVENCY; COMPANIES WINDING UP
COMPANY VOLUNTARY ARRANGEMENTS
14. Those who may propose an arrangement.
15. Procedure where nominee is not the liquidator or administrator.
16. Summoning of meetings.
Consideration and implementation of proposal
17. Decisions of meetings.
18. Effect of approval.
19. Challenge of decisions.
20. Implementation of proposal.
Making, etc., of administration order
21. Power of High Court to make order.
22. Application for order.
23. Effect of application.
24. Effect of order.
25. Notification of order.
26. Appointment of administrator.
27. General powers.
28. Power to deal with charged property, etc.
29. General duties.
30. Discharge or variation of administration order.
31. Vacation of office.
32. Release of administrator.
Ascertainment and investigation of company's affairs
33. Information to be given by administrator.
34. Statement of affairs to be submitted to administrator.
35. Statement of proposals.
36. Consideration of proposals by creditors' meeting.
37. Approval of substantial revisions.
38. Creditors' committee.
39. Protection of interests of creditors and members.
RECEIVERSHNPRECEIVERS AND MANAGERS
40. Disqualification of body corporate from acting as receiver.
41. Disqualification of undischarged bankrupt.
42. Power of High Court to appoint official receiver.
Receivers and managers appointed out of court
43. Time from which appointment is effective.
44. Liability for invalid appointment.
45. Application to High Court for directions.
46. Power of High Court to fix remuneration.
47. Liability for contracts, etc.
48. Receivership accounts to be delivered to registrar.
Provisions applicable to every receivership
49. Notification that receiver or manager appointed.
50. Payment of debts out of assets subject to floating charge.
51. Enforcement of duty to make returns.
Administrative receivers: general
52. General powers.
53. Power to dispose of charged property, etc.
54. Agency and liability for contracts.
55. Vacation of office.
Administrative receivers: ascertainment and investigation of company's affairs
56. Information to be given by administrative receiver.
57. Statement of affairs to be submitted.
58. Report by administrative receiver.
59. Committee of creditors.
WINDING UP OF COMPANIES REGISTERED UNDER THE COMPANIES
Modes of winding up
60. Alternative modes of winding up.
61. Liability as contributories of present and past members.
62. Directors with unlimited liability.
63. Liability of past directors and shareholders.
64. Limited company formerly unlimited.
65. Unlimited company formerly limited.
66. Nature of contributory's liability.
67. Contributories in case of death of a member.
68. Effect of contributory's bankruptcy.
69. Companies registered under Companies Order, Part XXII, Chapter II.
VOLUNTARY WINDING UP (INTRODUCTORY AND GENERAL)
Resolutions for, and commencement of, voluntary winding up
70. Circumstances in which company may be wound up voluntarily.
71. Notice of resolution to wind up voluntarily.
72. Commencement of voluntary winding up.
Consequences of resolution to wind up
73. Effect on business and status of company.
74. Avoidance of share transfers, etc., after winding-up resolution.
Declaration of solvency
75. Statutory declaration of solvency.
76. Distinction between "members'" and "creditors'" voluntary winding up.
MEMBERS' VOLUNTARY WINDING UP
77. Appointment of liquidator.
78. Power to fill vacancy in office of liquidator.
79. General company meeting at each year's end.
80. Final meeting prior to dissolution.
81. Effect of company's insolvency.
82. Conversion to creditors' voluntary winding up.
CREDITORS' VOLUNTARY WINDING UP
83. Application of this Chapter.
84. Meeting of creditors.
85. Directors to lay statement of affairs before creditors.
86. Appointment of liquidator.
87. Appointment of liquidation committee.
88. Creditors' meeting where winding up converted under Article 82.
89. Cesser of directors' powers.
90. Vacancy in office of liquidator.
91. Meetings of company and creditors at each year's end.
92. Final meeting prior to dissolution.
PROVISIONS APPLYING TO BOTH KINDS OF VOLUNTARY
93. Distribution of company's property.
94. Appointment or removal of liquidator by the High Court.
95. Notice by liquidator of his appointment.
96. Acceptance of shares, etc., as consideration for sale of company's property.
97. Dissent from arrangement under Article 96.
98. Reference of questions to the High Court.
99. No liquidator appointed or nominated by company.
100. Expenses of voluntary winding up.
101. Saving for certain rights.
WINDING UP BY THE HIGH COURT
Grounds and effect of winding-up petition
102. Circumstances in which company may be wound up by the High Court.
103. Definition of inability to pay debts; the statutory demand.
104. Application for winding up.
105. Powers of High Court on hearing of petition.
106. Power to stay or restrain proceedings against company.
107. Avoidance of property dispositions, etc.
108. Avoidance of sequestration or distress.
Commencement of winding up
109. Commencement of winding up by the High Court.
110. Consequences of winding-up order.
111. Company's statement of affairs.
112. Investigation by official receiver.
113. Public examination of officers.
114. Enforcement of Article 113.
Appointment of liquidator
115. Appointment and powers of provisional liquidator.
116. Functions of official receiver in relation to office of liquidator.
117. Appointment by Department.
118. Choice of liquidator at meetings of creditors and contributories.
119. Appointment by the High Court following administration or voluntary arrangement.
120. Liquidation committee.
The liquidator's functions
121. General functions in winding up by the High Court.
122. Custody of company's property.
123. Vesting of company property in liquidator.
124. Duty to summon final meeting.
General powers of High Court
125. Power to stay winding up.
126. Settlement of list of contributories and application of assets.
127. Debts due from contributory to company.
128. Power to make calls.
129. Payment into bank of money due to company.
130. Order on contributory to be conclusive evidence.
131. Power to exclude creditors not proving in time.
132. Adjustment of rights of contributories.
133. Inspection of books by creditors, etc.
134. Payment of expenses of winding up.
135. Power to arrest absconding contributory.
136. Powers of High Court to be cumulative.
137. Delegation of powers to liquidator.
138. Style and title of liquidators.
139. Corrupt inducement affecting appointment.
Liquidator's powers and duties
140. Voluntary winding up.
141. Creditors' voluntary winding up.
142. Winding up by the High Court.
143. Supplementary powers.
144. Enforcement of liquidator's duty to make returns, etc.
Removal: vacation of office
145. Removal, etc. (voluntary winding up).
146. Removal, etc. (winding up by the High Court).
Release of liquidator
147. Release (voluntary winding up).
148. Release (winding up by the High Court).
PROVISIONS OF GENERAL APPLICATION IN WINDING
149. Preferential debts (general provision).
150. Preferential charge on goods distrained.
151. Power to appoint special manager.
152. Power to disclaim onerous property.
153. Disclaimer of leaseholds.
154. Land subject to rentcharge.
155. Powers of High Court (general).
156. Powers of High Court (leaseholds).
157. Rescission of contracts by the High Court.
158. Power to make over assets to employees.
159. Notification that company is in liquidation.
160. Interest on debts.
161. Company's books to be evidence.
162. Information as to pending liquidations.
163. Resolutions passed at adjourned meetings.
164. Meetings to ascertain wishes of creditors or contributories.
165. Affidavits, etc., in United Kingdom and elsewhere.
DISSOLUTION OF COMPANIES AFTER WINDING UP
166. Dissolution (voluntary winding up).
167. Early dissolution.
168. Consequence of notice under Article 167.
169. Dissolution otherwise than under Article 167.
MALPRACTICE BEFORE AND DURING LIQUIDATION;
PENALISATION OF COMPANIES AND COMPANY OFFICERS; INVESTIGATIONS
Offences of fraud, deception, etc.
170. Fraud, etc., in anticipation of winding up.
171. Transactions in fraud of creditors.
172. Misconduct in course of winding up.
173. Falsification of company's books.
174. Material omissions from statement relating to company's affairs.
175. False representations to creditors.
Penalisation of directors and officers
176. Summary remedy against delinquent directors, liquidators, etc.
177. Fraudulent trading.
178. Wrongful trading.
179. Proceedings under Articles 177 and 178.
180. Restriction on re-use of company names.
181. Personal liability for debts following contravention of Article 180.
Investigation and prosecution of malpractice
182. Prosecution of delinquent officers and members of company.
183. Obligations arising under...
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