Insolvency (Amendment) Act (Northern Ireland) 2016

Reports in individual voluntary arrangements

Individual voluntary arrangements: removal of requirement to submit a nominee’s report to the High Court

5.—(1) In Article 230A of the Insolvency Order (debtor’s proposal and nominee’s report)—

(a) in paragraph (2), for “to the High Court” substitute “under paragraph (3)”;

(b) in paragraph (3), for “report to the Court” substitute “report to the debtor’s creditors”.

(2) In Article 231 of the Insolvency Order (summoning of creditors’ meeting), for paragraph (1) substitute—

“(1) Where it has been reported to the High Court under Article 230 or to the debtor’s creditors under Article 230A that a meeting of the debtor’s creditors should be summoned, the nominee (or the nominee’s replacementunder Article 230(3) or 230A(4)) shall summon that meeting for the time, date and place proposed in the nominee’s report unless, in the case of a report to which Article 230 applies, the High Court otherwise directs.”.

(3) In Article 233(2) of the Insolvency Order (report of decisions to court), for “the debtor’s proposal” substitute “a voluntary arrangement proposed under Article 230”.

Fast-track voluntary arrangements: notification of the Department

6.  In Article 237C of the Insolvency Order (result) after “Court” insert “, and notify the Department,”.