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The Insolvency (Northern Ireland) Order 1989 (Prescribed Part) Order (Northern Ireland) 2006
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- 2006 No. 25
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order sets out the method of calculation of the prescribed part referred to in Article 150A of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I.19)), which was inserted into that Order by Article 7(1) of the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)). The prescribed part is a part of the insolvency estate of a company which, but for Article 150A, would have been available to the holders of debentures secured by floating charges. From the coming into operation of Article 150A and this Order, the amount of money reflecting the prescribed part as calculated by virtue of this Order will need to be set aside to satisfy the claims of unsecured creditors under the Article.
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