5.—(1) Where a proposal for an individual voluntary arrangement with the official receiver acting as nominee is notified to the official receiver, the notification shall be accompanied by a deposit of [F1£315 ]as security for fees IVA1 and IVA2 in the Table of Fees in Schedule 2 to the Fees Order.
(2) The deposit shall be used to discharge fees IVA1 and IVA2.
(3) Where the official receiver declines to act in relation to a proposal of the kind mentioned in paragraph (1) the deposit mentioned in that paragraph shall be refunded to the person entitled to it.
(4) Where the official receiver agrees to act as nominee in relation to a proposal of the kind mentioned in paragraph (1) but the proposal is rejected by the bankrupt’s creditors, any balance of the deposit after [F2deducting] fee IVA2 shall be returned to the person who is entitled to it.
Textual Amendments
F1Sum in Art. 5(1) substituted (1.10.2009) by The Insolvency (Deposits) (Amendment) Order (Northern Ireland) 2009 (S.R. 2009/203), arts. 1, 2(3) (with art. 3(2))
F2Word in art. 5(4) substituted (1.10.2009) by The Insolvency (Deposits) (Amendment) Order (Northern Ireland) 2009 (S.R. 2009/203), arts. 1, 2(4)
Commencement Information