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The Insolvency (Amendment) Regulations (Northern Ireland) 2009

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Amendment of regulation 18

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3.  For the heading to, and regulation 18 substitute the following—

Payment of unclaimed dividends or other money

18.(1) This regulation applies to monies which—

(a)are held by the former liquidator of a dissolved company, and

(b)represent either or both of the following—

(i)unclaimed dividends due to creditors, or

(ii)sums held by the company in trust in respect of dividends or other sums due to any person as a member or former member of the company.

(2) Monies to which this regulation applies—

(a)may in the case of a voluntary winding up, and

(b)shall in the case of a winding up by the court,

be paid into the Insolvency Account.

(3) Where the former liquidator pays any sums into the Insolvency Account pursuant to paragraph (2), he shall at the same time give notice to the Department of—

(a)the name of the company;

(b)the name and address of the person to whom the dividend or other sum is payable;

(c)the amount of dividend or other sum; and

(d)the date on which it was paid.

(4) Where a dividend or other sum is paid to a person by way of a payment instrument, any payment into the Insolvency Account in respect of that dividend or sum pursuant to paragraph (2) may not be made earlier than on or after the expiry of 6 months from the date of the payment instrument..

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