PART 14Voluntary trust deeds for creditors

Application for conversion to sequestration

190Application for conversion to sequestration

(1)This section applies where a member State liquidator proposes to apply to AiB for the conversion under Article 37 of the EC insolvency proceedings regulation (conversion of earlier proceedings) of a protected trust deed into sequestration.

(2)An affidavit complying with section 191 must be—

(a)prepared and sworn, and

(b)submitted to AiB in support of the application.

(3)The application and affidavit required under subsection (2) are to be served on—

(a)the debtor,

(b)the trustee, and

(c)such other person as may be prescribed.

191Contents of affidavit required under section 190(2)

(1)An affidavit required under section 190(2) must—

(a)state that main proceedings have been opened in relation to the debtor in a member State other than the United Kingdom,

(b)state that the member State liquidator believes that the conversion of the protected trust deed into a sequestration would prove to be in the interests of the creditors in the main proceedings,

(c)contain such other information as the member State liquidator considers will be of assistance to AiB—

(i)in deciding whether to make an order under section 192, and

(ii)if AiB were to do so, in considering the need for any consequential provision that would be necessary or desirable, and

(d)contain such other matters as may be prescribed.

(2)Any affidavit under this section must be sworn by, or on behalf of, the member State liquidator.

192Powers of Accountant in Bankruptcy on application for conversion to sequestration

(1)After considering an application for conversion of a protected trust deed into a sequestration, AiB may make such order as AiB thinks fit.

(2)If AiB makes an order for conversion into sequestration, the order may contain all such consequential provisions as AiB thinks necessary or desirable.

(3)The provisions of this Act apply to an order made by AiB under subsection (1) as if the order were a determination by AiB of a debtor application—

(a)under section 22(1), and

(b)in relation to which the member State liquidator is a concurring creditor.

(4)On AiB making an order for conversion into sequestration under subsection (1), any expenses properly incurred as expenses of the administration of the trust deed in question become a first charge on the debtor’s estate.