PART 5Amendments of Insolvent Partnerships Order (Northern Ireland) 1995

Amendments of Schedule 2 to the Insolvent Partnerships Order (Northern Ireland) 199525

1

Paragraph 35 of Schedule 2 to the Insolvent Partnerships Order (Northern Ireland) 1995 (provisions of the Order which apply with modifications for the purposes of Article 6 to administration in relation to insolvent partnerships)37, is amended as follows.

2

In modified paragraph 74(1)—

a

omit the “or” at the end of sub-paragraph (b);

b

after sub-paragraph (b) insert—

bb

would result in an ordinary preferential debt of the partnership being paid otherwise than in priority to its secondary preferential debts,

c

in sub-paragraph (c), for “his debt” substitute “an ordinary preferential debt”;

d

at the end of sub-paragraph (c), insert—

or

d

would result in one preferential creditor being paid a smaller proportion of a secondary preferential debt than another.