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Insolvency (Northern Ireland) Order 2005

Part of the debate – in the House of Lords at 4:01 pm on 26th May 2005.

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Photo of Lord Rooker Lord Rooker Minister of State, Northern Ireland Office, The Minister of State, Northern Ireland Office 4:01 pm, 26th May 2005

My Lords, all the orders are fairly small, but I will not say that they are not of substance, because they are. This order would introduce provisions broadly in line with those dealing with insolvency already in force in Great Britain by the enactment of the Enterprise Act 2002. I shall comment briefly on the order.

The main purpose of the order is to modernise personal and corporate insolvency law in Northern Ireland thereby providing a stimulus to enterprise and encouraging entrepreneurship. The main changes brought about by the order are to give bankrupts their discharge after one year instead of three years; to remove the right of creditors with security in the form of a floating charge over a company property; to appoint an administrative receiver except in certain specialised cases and to introduce instead a new improved company administration procedure.

The order is alleged to be non-controversial but I am about to find out about that. A small number of replies were received following the consultation in Northern Ireland; the majority were favourable. I beg to move.