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Explanatory Memorandum to Insolvency (Northern Ireland) Order 2005

Article 5: Prohibition of appointment of administrative receiver

This Article inserts ten new Articles, 59A to 59J, at the end of Part IV of the Insolvency (NI) Order 1989. New Article 59A prohibits the holder of a qualifying floating charge as defined under paragraph 15 of Schedule B1 from appointing an administrative receiver except in the cases listed in Articles 59B to 59I. Certain terms used in new Articles 59B to 59I are defined in Schedule 1A to the Insolvency (NI) Order 1989.

Article 5(2) inserts Schedule 3 by which new Schedule 1A is inserted into the Insolvency (NI) Order 1989.

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