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The Companies (No. 2) (Northern Ireland) Order 1990

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The Companies (No. 2) (Northern Ireland) Order 1990, Section 85 is up to date with all changes known to be in force on or before 17 May 2021. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation


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Duty to report on completion of default proceedingsN.I.

85.—(1) [F1Subject to paragraph (1A),] a recognised investment exchange or recognised clearing house shall, on the completion of proceedings under its default rules, report to the[F2 Authority] on its proceedings stating in respect of each creditor or debtor the sum certified by it to be payable from or to the defaulter or, as the case may be, the fact that no sum is payable.

[F1(1A) A recognised overseas investment exchange or recognised overseas clearing house shall not be subject to the obligation under paragraph (1) unless it has been notified by the[F2 Authority] that a report is required for the purpose of insolvency proceedings in any part of the United Kingdom.]

(2) The exchange or clearing house may make a single report or may make reports from time to time as proceedings are completed with respect to the transactions affecting particular persons.

(3) The exchange or clearing house shall supply a copy of every report under this Article to the defaulter and to any relevant office-holder acting in relation to him or his estate.

(4) When a report under this Article is received by the[F2 Authority, it] shall publish notice of that fact in such manner as[F2 it] thinks appropriate for bringing[F2 the report] to the attention of creditors and debtors of the defaulter.

(5) An exchange or clearing house shall make available for inspection by a creditor or debtor of the defaulter so much of any report by it under this Article as relates to the sum (if any) certified to be due to or from him or to the method by which that sum was determined.

(6) Any such person may require the exchange or clearing house, on payment of such reasonable fee as the exchange or clearing house may determine, to provide him with a copy of any part of a report which he is entitled to inspect.

F1SR 1991/443

F2SI 2001/3649

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