Insolvency (Northern Ireland) Order 1989

The Insolvency (Northern Ireland) Order 1989 is a law that provides a legal framework for dealing with individuals or companies unable to pay their debts in Northern Ireland. It outlines procedures for insolvency, including bankruptcy and company winding-up, aiming to fair-handedly distribute assets among creditors. The Order sets out the roles and powers of insolvency practitioners, courts, and other bodies involved in resolving insolvencies, ensuring transparency and orderliness. Essentially, it helps manage and resolve situations where debts overwhelm a person or business, providing structured options for repayment or liquidation.