The Insolvency (Amendment) Rules (Northern Ireland) 2003

Rule 1.01

1.  In Rule 1.01 –

(a) for sub-paragraph (a) of paragraph (2) there shall be substituted the following sub-paragraph –

“(a) Chapter 2 applies where the proposal for the voluntary arrangement is made by the directors of the company and

(i) the company is neither in liquidation nor is an administration order (under Part III of the Order) in force in relation to it; and

(ii) no steps have been taken to obtain a moratorium under Schedule Al to the Order(1) in connection with the proposal;”;

(b) for sub-paragraphs (c) and (d) of paragraph (2) there shall be substituted the following sub-paragraphs –

“(c) Chapter 4 applies in the same case as Chapter 3, but where the nominee is not the liquidator or administrator;

(d) Chapter 5 applies in all the 3 cases mentioned in sub-paragraphs (a) to (c);

(e) Chapters 7 and 8 apply to all voluntary arrangements with or without a moratorium; and

(f) Chapter 9 applies where the proposal is made by the directors of an eligible company with a view to obtaining a moratorium.”; and

(c) after paragraph (3) there shall be inserted the following paragraph –

“(4) In this Part, a reference to an “eligible company” is a reference to a company that is eligible for a moratorium in accordance with paragraph 2 of Schedule Al to the Order.”.

(1)

Schedule Al was inserted into S.I. 1989/2405 (N.I. 19) by Article 3 of, and paragraph 5 of Schedule 1 to, the Insolvency (Northern Ireland) Order 2002 (S.I. 2002/3152 (N.I. 6))