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47.(1) For the purposes of Articles 42 to 46 an employer shall be taken to be insolvent if, but only if, in Northern Ireland, (a)he becomes bankrupt or makes a composition or arrangement with his creditors; (b)he has died and an order is made under section 21 of the Bankruptcy Amendment Act (Northern Ireland) 1929 for the administration of his estate according to the law of bankruptcy, or by virtue of an order of the court his estate is being administered in accordance with rules set out in Part I of Schedule 1 to the Administration of Estates Act (Northern Ireland) 1955; or (c)where the employer is a company, a winding up order is made or a resolution for voluntary winding up is passed with respect to it, or a receiver or manager of its undertaking is duly appointed, or possession is taken, by or on behalf of the holders of any debentures secured by a floating charge, of any property of the company comprised in or subject to the charge. (2) In Articles 42 to 46 "holiday pay" means (a)pay in respect of a holiday actually taken; or (b)any accrued holiday pay which under the employee's contract of employment would in the ordinary course have become payable to him in respect of the period of a holiday if his employment with the employer had continued until he became entitled to a holiday; "occupational pension scheme" means any scheme or arrangement which provides or is capable of providing, in relation to employees in any description of employment, benefits (in the form of pensions or otherwise) payable to or in respect of any such employees on the termination of their employment or on their death or retirement;
© 1976 Crown Copyright
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