The Insolvency Practitioners and Insolvency Account (Fees) Order (Northern Ireland) 2006

Fees payable in connection with the operation of the Insolvency Account

1.—(1) In this Schedule a reference to a numbered regulation is to the regulation so numbered in the Insolvency Regulations (Northern Ireland) 1996(1).

(2) In this Schedule “payment date” means any of the following dates in any year—

(a) 1st January;

(b) 1st April;

(c) 1st July; and

(d) 1st October.

(3) In this Schedule “working day” means any day other than a Saturday, Sunday or public holiday in Northern Ireland.

(4) Subject to paragraphs (5) and (6), for the purposes of this Schedule an account is “maintained with the Department in respect of monies which may from time to time be paid into the Insolvency Account” where in a winding up by the High Court or a bankruptcy the Department creates or has already created a record in relation to the winding up or, as the case may be, the bankruptcy for the purpose of recording payments into and out of the Insolvency Account relating to the winding up or, as the case may be, the bankruptcy.

(5) An account ceases to be maintained with the Department in the case of a winding up by the High Court or a bankruptcy where—

(a) the liquidator or the trustee has filed a receipts and payments account with the Department pursuant to regulation 14 or regulation 29;

(b) the account contains, or is accompanied by, a statement that it is a final receipts and payments account; and

(c) four working days have elapsed since the requirements of paragraphs (a) and (b) have been met,

but an account is revived in the circumstances mentioned in paragraph (6).

(6) The circumstances referred to in paragraph (5) are—

(a) the receipt by the Department of notice in writing given by the trustee or liquidator for the revival of the account; or

(b) the payment into the Insolvency Account of any sums to the credit of the company or, as the case may be, the estate of the bankrupt,

and on the occurrence of either of the circumstances mentioned above, an account is “maintained with the Department in respect of monies which may from time to time be paid into the Insolvency Account”.

(7) References to a bankruptcy include a bankruptcy under the Bankruptcy Acts (Northern Ireland) 1857 to 1980(2) and references to a winding up include a winding up under the provisions of the Companies (Northern Ireland) Order 1986(3).

(1)

S.R. 1996 No. 574 as amended by S.I. 2004/355 and by S.R. 2006 No. 23

(2)

1857 c. 60, 1872 c. 57, 1872 c. 58, 1929 c. 1 (N.I.), 1963 c. 23 (N.I.), S.I. 1980/561 (N.I. 4)

(3)

S.I. 1986/1032 (N.I. 6)