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The Insolvency (Northern Ireland) Order 1989
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Changes over time for: Section 13DN
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- 26/06/2020- Amendment
- 04/01/2024
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The Insolvency (Northern Ireland) Order 1989, Section 13DN is up to date with all changes known to be in force on or before 23 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1Disposal of hire-purchase propertyN.I.
13DN.—(1) During a moratorium, the company may, with the permission of the High Court, dispose of goods which are in the possession of the company under a hire-purchase agreement as if all of the rights of the owner under the agreement were vested in the company.
(2) The Court may give permission under paragraph (1) only if the Court thinks that it will support the rescue of the company as a going concern.
(3) Where the Court gives permission under paragraph (1), the company must apply the following towards discharging the sums payable under the hire-purchase agreement—
(a)the net proceeds of disposal of the goods, and
(b)any additional money required to be added to the net proceeds so as to produce the amount determined by the Court as the net amount which would be realised on a sale of the goods in the open market by a willing vendor.
(4) If a company fails to comply with paragraph (3)—
(a)the company commits an offence, and
(b)any officer of the company who without reasonable excuse authorised or permitted the failure commits an offence.
(5) Where the Court makes an order giving permission under paragraph (1), the directors must, within the period of 14 days beginning with the date of the order, send a copy of it to the registrar.
(6) If the directors fail to comply with paragraph (5), any director who did not have a reasonable excuse for the failure commits an offence.]
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