Insolvency (No. 2) Act 1994
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Change 1
4 Adjustment of certain transactions in case of bankruptcy: Northern Ireland.
(1) In paragraph (2) of Article 315 of the Insolvency (Northern Ireland) Order 1989 (which relates to orders under Article 312 or 313 and, in sub-paragraphs (a) and (b), protects certain interests and certain persons who received benefits) in each of sub-paragraphs (a) and (b), for the words “in good faith, for value and without notice of the relevant circumstances” there shall be substituted “ in good faith and for value ”. (2) After that paragraph there shall be inserted the following paragraph— (2A) Where a person has acquired an interest in property from a person other than the individual in question, or has received a benefit from the transaction or preference, and at the time of that acquisition or receipt— (a) he had notice of the relevant surrounding circumstances and of the relevant proceedings, or (b) he was an associate of, or was connected with, either the individual in question or the person with whom that individual entered into the transaction or to whom that individual gave the preference, then, unless the contrary is shown, it shall be presumed for the purposes of sub-paragraph (a) or (as the case may be) sub-paragraph (b) of paragraph (2) that the interest was acquired or the benefit was received otherwise than in good faith. (3) For paragraph (4) of that Article there shall be substituted the following paragraphs— (4) For the purposes of paragraph (2A)(a), the relevant surrounding circumstances are (as the case may require)— (a) the fact that the individual in question entered into the transaction at an undervalue; or (b) the circumstances which amounted to the giving of the preference by the individual in question. (5) For the purposes of paragraph (2A)(a), a person has notice of the relevant proceedings if he has notice— (a) of the fact that the petition on which the individual in question is adjudged bankrupt has been presented; or (b) of the fact that the individual in question has been adjudged bankrupt. (6) Article 7 shall apply for the purposes of paragraph (2A)(b) as it applies for the purposes of Parts II to VII.
4 Adjustment of certain transactions in case of bankruptcy: Northern Ireland.
(1) In paragraph (2) of Article 315 of the Insolvency (Northern Ireland) Order 1989 (which relates to orders under Article 312 or 313 and, in sub-paragraphs (a) and (b), protects certain interests and certain persons who received benefits) in each of sub-paragraphs (a) and (b), for the words “in good faith, for value and without notice of the relevant circumstances” there shall be substituted “ in good faith and for value ”. (2) After that paragraph there shall be inserted the following paragraph— (2A) Where a person has acquired an interest in property from a person other than the individual in question, or has received a benefit from the transaction or preference, and at the time of that acquisition or receipt— (a) he had notice of the relevant surrounding circumstances and of the relevant proceedings, or (b) he was an associate of, or was connected with, either the individual in question or the person with whom that individual entered into the transaction or to whom that individual gave the preference, then, unless the contrary is shown, it shall be presumed for the purposes of sub-paragraph (a) or (as the case may be) sub-paragraph (b) of paragraph (2) that the interest was acquired or the benefit was received otherwise than in good faith. (3) For paragraph (4) of that Article there shall be substituted the following paragraphs— (4) For the purposes of paragraph (2A)(a), the relevant surrounding circumstances are (as the case may require)— (a) the fact that the individual in question entered into the transaction at an undervalue; or (b) the circumstances which amounted to the giving of the preference by the individual in question. (5) For the purposes of paragraph (2A)(a), a person has notice of the relevant proceedings if he has notice— (a) of the fact that the petition on which the individual in question is adjudged bankrupt has been presented; or (b) of the fact that the individual in question has been adjudged bankrupt. (6) Article 7 shall apply for the purposes of paragraph (2A)(b) as it applies for the purposes of Parts II to VII.
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