The Insolvency Practitioners Regulations (Northern Ireland) 2006

Interpretation: general

2.—(1) In these Regulations—

“commencement date” means the date on which these Regulations come into operation;

“the Department” means the Department of Enterprise, Trade and Investment;

“initial capacity” shall be construed in accordance with regulation 3;

“insolvency practitioner” means a person who is authorised to act as an insolvency practitioner by virtue of—

(a)

membership of a body recognised pursuant to Article 350 of the Order; or

(b)

an authorisation granted pursuant to Article 352 of the Order;

“insolvent” means a person in respect of whom an insolvency practitioner is acting;

“the Order” means the Insolvency (Northern Ireland) Order 1989;

“subsequent capacity” shall be construed in accordance with regulation 3.

(2) In these Regulations a reference to the date of release or discharge of an insolvency practitioner includes—

(a) where the insolvency practitioner acts as nominee in relation to proposals for a voluntary arrangement under Part II or Chapter II of Part VIII of the Order, whichever is the earlier of the dates on which—

(i) the proposals are rejected by creditors;

(ii) he is replaced as nominee by another insolvency practitioner; or

(iii) the arrangement takes effect without his becoming supervisor in relation to it; and

(b) where an insolvency practitioner acts as supervisor of a voluntary arrangement, whichever is the earlier of the dates on which—

(i) the arrangement is completed or terminated; or

(ii) the insolvency practitioner otherwise ceases to act as supervisor in relation to the arrangement.