COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 92 Payment of certain debts out of assets subject to floating charge in priority to claims under the charge.

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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 92

Payment of certain debts out of assets subject to floating charge in priority to claims under the charge.

92.(1) Where either a receiver is appointed on behalf of the holders of any
debentures of the company secured by a floating charge, or possession is taken
by or on behalf of those debenture holders of any property comprised in or
subject to the charge, then, if the company is not at the time in course of
being wound up, the debts which in every winding up are under the provisions
of Part V relating to preferential payments to be paid in priority to all
other debts, shall be paid out of any assets coming to the hands of the
receiver or other person taking possession as aforesaid in priority to any
claim for principal or interest in respect of the debentures.

(2) The periods of time mentioned in the said provisions of Part V shall be
reckoned from the date of .... the appointment of the receiver or of
possession being taken as aforesaid, as the case may be.

(3) Any payments made under this section shall be recouped as far as may be
out of the assets of the company available for payment of general creditors.

Registration of charges created by companies.

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Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 92