Enforcement, etc., of confiscation orders

Winding up of company holding realisable property22

1

Where realisable property is held by a company and an order for the winding up of the company has been made or a resolution has been passed by the company for the voluntary winding up, the functions of the liquidator (or any provisional liquidator) shall not be exercisable in relation to—

a

property for the time being subject to a restraint order made before the relevant time, and

b

any proceeds of property realised by virtue of Article 13(8) or 16(5) or (6) for the time being in the hands of a receiver appointed under Article 13 or 16.

2

Where, in the case of a company, such an order has been made or such a resolution has been passed, the powers conferred on the High Court by Articles 13 to 16 and 18 or on a receiver so appointed shall not be exercised in relation to any realisable property held by the company in relation to which the functions of the liquidator are exercisable—

a

so as to inhibit him from exercising those functions for the purpose of distributing any property held by the company to the company’s creditors; or

b

so as to prevent the payment out of any property of expenses (including the remuneration of the liquidator or any provisional liquidator) properly incurred in the winding up in respect of the property.

3

Nothing in the [1989 NI 19] Insolvency (Northern Ireland) Order 1989 shall be taken as restricting, or enabling the restriction of, the exercise of those powers.

4

Paragraph (2) does not affect the enforcement of a charging order made before the relevant time or on property which was subject to a restraint order at the relevant time.

5

In this Article—

  • “company” means any company which may be wound up under the Insolvency (Northern Ireland) Order 1989; and

  • “the relevant time” means—

    1. a

      where no order for the winding up of the company has been made, the time of the passing of the resolution for voluntary winding up;

    2. b

      where such an order has been made and, before the presentation of the petition for the winding up of the company by the High Court, such a resolution had been passed by the company, the time of the passing of the resolution; and

    3. c

      in any other case where such an order has been made, the time of the making of the order.