Explanatory Memorandum

Insolvency (Northern Ireland) Order 2005

2005 No. 1455

Commentary on Provisions

Article 8: Liquidator’s powers

Article 8 brings in a requirement for liquidators to obtain sanction (approval), usually of the creditors or the Court, before action under Article 177 (fraudulent trading), 178 (wrongful trading), 202 (transactions at an undervalue, and 203 (preferences).