SCHEDULES

C3C2C1F1SCHEDULE 15A Application of other companies insolvency legislation to building societies

Annotations:
Amendments (Textual)
F1

Sch. 15A inserted (1.12.1997) by 1997 c. 32, s. 39(2), Sch. 6; S.I. 1997/2668, art. 2, Sch. Pt. I(i)

Modifications etc. (not altering text)
C3

Sch. 15A amendment to earlier affecting provision SI 2010/1188 art. 11 (with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), art. 1(1)(2), 5(3)

Part III Modified Application of Parts II, IIIF2, 4 and 12 of Insolvency (Northern Ireland) Order 1989

Annotations:
Amendments (Textual)

Voluntary arrangements

31

In Article 19 of the Order (challenge of decisions) as applied to a building society, “contributory”—

a

means every person liable to contribute to the assets of the society in the event of its being wound up, and

b

for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory, and

c

includes persons who are liable to pay or contribute to the payment of—

i

any debt or liability of the building society being wound up, or

ii

any sum for the adjustment of rights of members among themselves, or

iii

the expenses of the winding up;

but does not include persons liable to contribute by virtue of a declaration by the High Court under Article 177 (imputed responsibility for fraudulent trading) or Article 178 (wrongful trading) of the Order.