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The Insolvency (Northern Ireland) Order 1989 (Prescribed Part) Order (Northern Ireland) 2006

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Calculation of prescribed part

3.—(1) The prescribed part of the company’s net property to be made available for the satisfaction of unsecured debts of the company pursuant to Article 150A of the 1989 Order shall be calculated as follows—

(a)where the company’s net property does not exceed £10,000 in value, 50 per cent of that property;

(b)subject to paragraph (2), where the company’s net property exceeds £10,000 in value the sum of—

(i)50 per cent of the first £10,000 in value; and

(ii)20 per cent of that part of the company’s net property which exceeds £10,000 in value.

(2) The value of the prescribed part of the company’s net property to be made available for the satisfaction of unsecured debts of the company pursuant to Article 150A shall not exceed £600,000.

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