The Insolvency (Northern Ireland) Order 1989

[F1 Approval of arrangement N.I.

17A.— (1) This Article applies to a decision, under Article 17, with respect to the approval of a proposed voluntary arrangement.

(2 )F2  The decision has effect if, in accordance with the rules—

(a) it has been taken by both meetings summoned under Article 16, or

(b) (subject to any order made under paragraph [F3 (6)]) it has been taken by the creditors' meeting summoned under that Article.

(3 )F2  If the decision taken by the creditors' meeting differs from that taken by the company meeting, a member of the company may apply to the High Court.

(4 )F2  An application under paragraph (3) shall not be made after the end of the period of 28 days beginning with—

(a) the day on which the decision was taken by the creditors' meeting, or

(b) where the decision of the company meeting was taken on a later day, that day.

(5 )F2  Where a member of a regulated company, [F4 as defined by Article 13H(13)], applies to the High Court under paragraph (3), the [F5 Financial Conduct Authority and, where the regulated company is a [F6 PRA-regulated company [F7 as defined by Article 13H(13)]], the Prudential Regulation Authority] is entitled to be heard on the application.

(6 )F2  On an application under paragraph (3), the High Court may—

(a) order the decision of the company meeting to have effect instead of the decision of the creditors' meeting, or

(b) make such other order as it thinks fit.]

F1 2002 NI 6

F2 mod. by SR 2004/307

F3 Word in art. 17A(2)(b) substituted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 9(2) (with ss. 2(2), 5(2))

F4 Words in art. 17A(5) substituted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 9(3)(a) (with ss. 2(2), 5(2))

F5 Words in art. 17A(5) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 7(a)

F6 Words in art. 17A(5) substituted (10.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) (No. 2) Order 2013 (S.I. 2013/642), arts. 1, 2

F7 Words in art. 17A(5) substituted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 7 para. 9(3)(b) (with ss. 2(2), 5(2))