The Insolvency (Northern Ireland) Order 2002 No. 3152 (NI. 6)

Voluntary arrangements N.I.

Moratorium where directors propose voluntary arrangement N.I.

3.  Schedule 1 (which—

(a) enables the directors of a company to obtain an initial moratorium for the company where they propose a voluntary arrangement under Part II of the Insolvency Order,

(b) makes provision about the approval and implementation of such a voluntary arrangement where a moratorium is obtained, and

(c) makes consequential amendments),

shall have effect.

Company voluntary arrangements N.I.

4.  Schedule 2 (which—

(a) amends the provisions about company voluntary arrangements under Part II of the Insolvency Order, and

(b) in consequence of Schedule 1 and those amendments, makes amendments to the Building Societies Act 1986 (c.53)),

shall have effect.

Individual voluntary arrangements N.I.

5.  Schedule 3 (which enables the procedure for the approval of individual voluntary arrangements under Chapter II of Part VIII of the Insolvency Order to be started without an initial moratorium for the insolvent debtor and makes other amendments of the provisions about individual voluntary arrangements) shall have effect.

Qualification or authorisation of nominees and supervisors N.I.

6.—(1) In Article 3 of the Insolvency Order (meaning of “act as insolvency practitioner”)—

(a) for paragraph (1)(b) there shall be substituted—

“(b) where a voluntary arrangement in relation to the company is proposed or approved under Part II, as nominee or supervisor.” ;

(b) for paragraph (2)(c) there shall be substituted—

“(c) where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor;” ; and

(c) after paragraph (3) there shall be inserted—

“(3A) In relation to a voluntary arrangement proposed under Part II or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.” .

F1 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 Art. 6(2)(3) repealed (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), s. 28(2), Sch. 4; S.R. 2016/203, art. 2