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Explanatory Memorandum to Insolvency (Northern Ireland) Order 2002

Sub-paragraph 3

Where an excepted petition for the winding up of the company has been presented to the High Court before the beginning of a moratorium it can continue unaffected by the coming into force of the moratorium.

Paragraph 13 Schedule A1: The moratorium, whilst in force, prevents a floating charge from crystallising, or restrictions being imposed on the disposal of any of the company’s property.

1.The trustee is the person appointed to realise the assets of a deceased individual and distribute the proceeds to the creditors.

2.An excepted petition is a petition presented by the Department pursuant to Article 104A of the Insolvency (Northern Ireland) Order 1989 on the grounds that it is in the public interest to wind up a company or pursuant to Section 367 of the Financial Services and Markets Act 2000 on the grounds that it is just and equitable that the company be wound up.

3.Article 107 Insolvency (Northern Ireland) Order 1989 provides that any disposal of a company’s property, and transfer of any shares, or alteration in the status of the company’s members made after the presentation to the High Court of a winding-up petition is invalid unless the Court orders otherwise. Because of the disapplication of Article 107, disposals will be governed by the moratorium provisions instead of by that Article.

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