SCHEDULES

SCHEDULE 10 Application of Companies Winding Up Legislation to Incorporated Friendly Societies

Part III Modified Application of Insolvency (Northern Ireland) Order 1989

Members of a friendly society as contributories in winding up

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1

Article 13 (meaning of “contributory") of the Order does not apply.

2

In the enactments as applied to an incorporated friendly society “contributory”—

a

means every person liable to contribute to the assets of the society in the event of its being wound up; and

b

for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory; and

c

includes persons who are liable to pay or contribute to the payment of—

i

any debt or liability of the incorporated friendly society being wound up; or

ii

any sum for the adjustment of rights of members among themselves; or

iii

the expenses of the winding up;

but does not include persons liable to contribute by virtue of a declaration by the court under Article 177 (imputed responsibility for fraudulent trading) or Article 178 (wrongful trading) of the Order.