SCHEDULE 5Co-ownership schemes: application of the Insolvency Rules (Northern Ireland) 1991

PART 1Application of Rules with modifications

1.  In relation to the winding up of a relevant scheme under the 1989 Order, Rules 0.1 to 0.7 (introductory provisions), Parts 4 and 7 to 12 of the Insolvency Rules (Northern Ireland) 1991(1), in so far as they apply to the winding up of an unregistered company, apply with—

(a)the general modifications set out in paragraphs 2 and 3;

(b)any other modification specified in the Table in Part 2 of this Schedule; and

(c)any other necessary modification.

2.  Unless the context otherwise requires and subject to any modification specified in the Table in Part 2 of this Schedule which has a contrary effect, the general modifications are the modifications made in sub-paragraphs (a) to (h) of paragraph 2 of Schedule 3 (read as if set out in this paragraph), except that sub-paragraph (c) is to be read as if for “section 222(1)(a)” there were substituted “Article 186(1)”.

3.  A reference to the registrar(2) is to be read as a reference to the FCA.

(2)

The registrar is the registrar of companies for Northern Ireland (see Article 5(1) of the 1989 Order (interpretation)).