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The Cross-Border Insolvency Regulations (Northern Ireland) 2007
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Security in court
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58.—(1) Subject to sub-paragraph (3), where security has to be given to the court (otherwise than in relation to costs) it shall be given by bond.
(2) The bond shall be taken in a penal sum, which, except with the consent of the opposite party, shall be not less than the sum for which security is to be given and probable costs.
(3) A person required to give security may, in lieu thereof, lodge in court a sum equal to the sum for which security is to be given and probable costs together with a memorandum approved by the Master and signed by such person or his solicitor stating the conditions on which the money is deposited.
(4) Upon the lodgement the Master shall forthwith notify the persons for whose protection the security is given that the money has been lodged in court.
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