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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 290

Liabilities and rights of certain fraudulently preferred persons.

290.(1) Subject to sub-section (2), where a company is being wound up, a
floating charge on the undertaking or property of the company created within
twelve months of the commencement of the winding up shall, unless it is proved
that the company immediately after the creation of the charge was solvent, be
invalid, except to the amount of any cash paid to the company at the time of
or subsequently to the creation of, and in consideration for, the charge,
together with interest on that amount at the rate of five per cent. per annum
or such other rate as may for the time being be prescribed by orders made by
the Ministry of Finance.

(2) In relation to a charge created more than six months before the
commencement of this Act, sub-section (1) shall have effect with the
substitution, for the words "twelve months", of the words "six months".

(3) Orders made under this section by the Ministry of Finance shall be subject
to negative resolution.

© 1960 Crown Copyright

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