
2022 No. 242
Insolvency
The Insolvency (Northern Ireland) Order 1989 (Prescribed Part) (Amendment) Order (Northern Ireland) 2022
Made 4th October 2022
Coming into operation 4th November 2022
The Department for the Economy in exercise of the powers conferred by Article 150A, of the Insolvency (Northern Ireland) Order 1989 makes the following Order.
Citation and commencement
1 
This Order may be cited as the Insolvency (Northern Ireland) Order 1989 (Prescribed Part) (Amendment) Order (Northern Ireland) 2022 and comes into operation on 4th November 2022.
The Insolvency (Northern Ireland) Order 1989 (Prescribed Part) Order (Northern Ireland) 2006 amendment and transitional provision
2 

(1) The Insolvency (Northern Ireland) Order 1989 (Prescribed Part) Order (Northern Ireland) 2006 is amended as follows–
(2) In Article 3(2) for “£600, 000” substitute “£800,000”.
(3) The substitution made by paragraph (2) does not apply where the company’s net property is available to be distributed to the holder of a relevant floating charge.
(4) A relevant floating charge is one–
(a) created before the date this Order comes into operation, and
(b) in respect of which no floating charge over any of the company’s assets created on or after that date ranks equally or in priority.
Sealed with the Official Seal of the Department for the Economy on 4th October 2022
Colin Jack
A senior officer of the Department for the Economy
