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Insolvency (Northern Ireland) Order 1989 (Amendment) Regulations (Northern Ireland) 2002
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- Northern Ireland Statutory Rules
- 2002 No. 223
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations.)
These Regulations amend the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) to extend existing rule-making powers under the Order to allow for making rules which are required as a result of the adoption by the Council of the European Union of Council Regulation (EC) No. 1346/2000 of 29th May 2000 on insolvency proceedings, Official Journal No. L160, 30.06.00 p. 1 (the “Regulation”) which came into force on 31st May 2002. As a result of making these amendments, rules made under the amended Article 359 of the Insolvency (Northern Ireland) Order, 1989 in relation to the regulation, will, like rules presently made under the Order, need to be reviewed by the Insolvency Rules Advisory Committee. The Insolvency Rules Advisory Committee is consulted by the Lord Chancellor prior to making insolvency rules and consists of the Chancery Judge, the Master (Bankruptcy), and practicing insolvency professionals (specified in Article 360).
The Regulations also amend the powers in the Insolvency (Northern Ireland) Order 1989 to apply insolvency legislation to insolvent partnerships (Article 364) and to the insolvent estates of deceased persons (Article 365) to allow provision to be made in relation to the Regulation.
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