Articles 140, 142.
Modifications etc. (not altering text)
C1Sch. 2 applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 37A (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 12)
C2Sch. 2 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)
1. Power to pay any class of creditors in full.N.I.
2. Power to make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim (present or future, certain or contingent, ascertained or sounding only in damages) against the company, or whereby the company may be rendered liable.N.I.
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .N.I.
F1Sch. 2 para. 3 repealed (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), ss. 7(2), 28(2), Sch. 4 (with Sch. 2 para. 4); S.R. 2016/203, art. 2
[F23A. Power to bring legal proceedings under Article 177, 178, 202, 203 or 367.]N.I.
F2Sch. 2 para. 3A inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 8 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)
4. Power to bring or defend any action or other legal proceeding in the name and on behalf of the company.N.I.
5. Power to carry on the business of the company so far as may be necessary for its beneficial winding up.N.I.
6. Power to sell any part of the company's property, including the goodwill and book debts of any business.N.I.
7. [F3Without prejudice to Article 28 or 30 of the Property (Northern Ireland) Order 1997,] power to make, on such terms and conditions as the liquidator may think proper, a sub‐fee farm grant of land or any part thereof, or a sub‐lease of land or any part thereof with a nominal reversion (and to sell the rent or reversion), where such sub‐fee farm grant or sub‐lease amounts in substance to a sale and the liquidator has satisfied himself that it is the most appropriate method of disposing of the land.N.I.
[F47A Power to compromise, on such terms as may be agreed—N.I.
(a)all calls and liabilities to calls, all debts and liabilities capable of resulting in debts, and all claims (present or future, certain or contingent, ascertained or sounding only in damages) subsisting or supposed to subsist between the company and a contributory or alleged contributory or other debtor or person apprehending liability to the company, and
(b)subject to paragraph 2 in Part 1 of this Schedule, all questions in any way relating to or affecting the assets or the winding up of the company,
and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect of it.]
F4Sch. 2 para. 7A inserted (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), ss. 7(3), 28(2) (with Sch. 2 para. 4); S.R. 2016/203, art. 2
8. Power to do all acts and execute, in the name and on behalf of the company, all deeds, receipts and other documentsF5. . . .N.I.
[F68A. Power to use the company's seal.]N.I.
9. Power to prove, rank and claim in the bankruptcy or insolvency of any contributory for any balance against his estate, and to receive dividends in the bankruptcy or insolvency in respect of that balance, as a separate debt due from the bankrupt or insolvent, and rateably with the other separate creditors.N.I.
10. Power to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to the company's liability as if the bill or note had been drawn, accepted, made or endorsed by or on behalf of the company in the course of its business.N.I.
11. Power to raise on the security of the assets of the company any money requisite.N.I.
12.—(1) Power to take out in his official name letters of administration to any deceased contributory, and to do in his official name any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot conveniently be done in the name of the company.N.I.
(2) For the purposes of sub‐paragraph (1) the money due is deemed, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, to be due to the liquidator himself.
13. Power to appoint an agent to do any business which the liquidator is unable to do himself.N.I.
14. Power to do all such other things as may be necessary for winding up the company's affairs and distributing its assets.N.I.