The Insolvency (Northern Ireland) Order 1989

[F174.—(1) An administrator's statement of proposals under paragraph 50 may not include any action which—N.I.

(a)affects the right of a secured creditor of the company to enforce his security,

(b)would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts, F2...

[F3(bb)would result in an ordinary preferential debt of the company being paid otherwise than in priority to its secondary preferential debts,]

(c)would result in one preferential creditor of the company being paid a smaller proportion of [F4an ordinary preferential debt] than another, F5[F6...

(d)would result in one preferential creditor of the company being paid a smaller proportion of a secondary preferential debt than another,] [F7or

(e)if the company is a relevant financial institution (see Article 347A), would result in any non-preferential debt being paid otherwise than in accordance with the rules in Article 150ZZA(2) or (3).]

(2) Sub-paragraph (1) does not apply to—

(a)action to which the relevant creditor consents,

(b)a proposal for a voluntary arrangement under Part II of this Order (although this sub-paragraph is without prejudice to Article 17(3)), F8. . .

(c)a proposal for a compromise or arrangement to be sanctioned under [F9Part 26 of the Companies Act 2006 (arrangements and reconstructions)].

(d)a proposal for a cross-border merger within the meaning of regulation 2 of the Companies (Cross-Border Mergers) Regulations 2007.]

(3) The reference to a statement of proposals in sub-paragraph (1) includes a reference to a statement as revised or modified.]