Prescribed Part definition

Prescribed Part means a proportion of the net property of the Company achieved from floating charge asset realisations which must be made available for the unsecured creditors of the Company in accordance with section 176A of the Act;
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Prescribed Part has the meaning given to it in paragraph 63 (Prescribed Part) of Section 1 Part H (Prescribed information).
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Prescribed Part means the amount of floating charge realisations that the insolvency officeholder must set aside for the benefit of unsecured creditors in accordance with section 176A of the Insolvency Xxx 0000 and Article 3 of The Insolvency Xxx 0000 (Prescribed Part) Order 2003 (in each case, as may be amended or re-enacted from time to time).
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Examples of Prescribed Part in a sentence

  • The Prescribed Part applies to floating charges created on or after 15 September 2003.

  • If the joint administrators have, with the permission of the court, made a distribution to unsecured creditors in addition to any Prescribed Part distribution, or they think that the Company otherwise has no property which might permit a distribution to its unsecured creditors, subject to there being a need for further investigations as described below, they will file a notice, together with their final progress report, at court and with the Registrar of Companies for the dissolution of the Company.

  • Since claims of unsecured claimants are generally limited to £600,000, being the "prescribed part" as stipulated in the Insolvency Act 1986 (Prescribed Part) Order 2003, the Issuer has negotiated with Moody's that such settlement amounts will be allowed to be paid as part of the pre-enforcement priority of payments.

  • The Prescribed Part is a proportion of floating charge assets set aside for unsecured creditors pursuant to section 176A of the Insolvency Act 1986.

  • Until all House Assets realisations have been concluded, the JSAs are unable to provide an indication as to whether there will be any funds available to unsecured creditors in respect of the Prescribed Part as this may prejudice future realisations.

  • Purpose of the Liquidation The purpose of the liquidation of the Company is to realise the remaining floating charge assets and to enable a dividend to be paid to unsecured creditors under the Prescribed Part.

  • The Prescribed Part is a ring fenced fund that must be made available to the unsecured creditors in a liquidation when a floating charge exists.

  • If we choose not to ask the court for such an order and there are funds available for unsecured creditors (other than a Prescribed Part), a subsequent liquidator will pay the dividend.

  • Given the extent of the indebtedness falling due to the Secured Creditors, there will be no net property and, accordingly, no Prescribed Part can be set aside with which to pay a dividend to the ordinary unsecured creditors.

  • If having realised the assets of the Company, the joint administrators think that a distribution will be made to the unsecured creditors other than by virtue of the Prescribed Part, they may file a notice with the Registrar of Companies which will have the effect of bringing the appointment of the joint administrators to an end and will move the Company automatically into CVL in order that the distribution can be made, but only if they consider that the associated incremental costs of a CVL are justified.

Related to Prescribed Part

  • prescribed person , in relation to a delivery, means—

  • Prescribed burning means the planned application of fire to vegetation on lands selected in advance of such application, where any of the purposes of the burning are specified in the definition of agricultural burning as set forth in Health and Safety Code Section 39011.

  • Prescribed Laws means, collectively, (a) the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et. seq., and (d) all other Legal Requirements relating to money laundering or terrorism.

  • Prescribed fire means any fire ignited by management actions to meet specific objectives, and includes naturally-ignited wildland fires managed for resource benefits.

  • Prescribed dosage means the specified activity or range of activity of unsealed radioactive material as documented:

  • prescribed area means any area over which Norway or any member State (other than the United Kingdom) exercises sovereign rights for the purpose of exploring the seabed and subsoil and exploiting their natural resources, being an area outside the territorial seas of Norway or such member State, or any other area which is from time to time specified under section 10(8) of the Petroleum Act 1998;

  • prescribed authority means the authorities specified in Rule 12 of Plastic Waste Management and Handling Rules, 2016, and Commissioner, Municipal Corporations, Chief Executive Officer/Executive Officer, Urban Local Bodies ;

  • prescribed amount means $10 000 or such other amount as may be prescribed;

  • prescribed fee means a fee determined by the Council by resolution in terms of section 10G(7)(a)(ii) of the Local Government Transition Act, 1993 (Act No. 209 of 1993), or any other applicable legislation;

  • Prescriber means a practitioner who is authorized pursuant to §§ 54.1-3303 and 54.1-3408 to issue

  • prescribed period means 14 days;

  • Distressed municipality means a municipality that is qualified

  • Covered Servicemember means: 1) a current member of the Armed Forces, including a member of the National Guard or Reserves, who is undergoing medical treatment, recuperation, or therapy, is otherwise in outpatient status, or is otherwise on the temporary disability retired list, for a serious injury or illness; or 2) a veteran who is undergoing medical treatment, recuperation, or therapy, for a serious injury or illness and who was a member of the Armed Forces, including a member of the National Guard or Reserves, at any time during the period of five years preceding the date on which the veteran undergoes that medical treatment, recuperation, or therapy. (29 CFR § 825.102 & 825.122.)

  • Supervised financial organization means a person, other than an insurance company or other organization primarily engaged in an insurance business:

  • member of Her Majesty s forces posted overseas” means a person who is a member of the regular forces or the reserve forces (within the meaning of section 374 of the Armed Forces Act 2006), who is absent from the dwelling that the person normally occupies as his home because the person has been posted outside of Great Britain to perform the duties of a member of Her Majesty’s regular forces or reserve forces; and

  • Controlling Authority means the Minister administering the Tasmanian State Service Act 1984.

  • Prescribed Limit means ten per cent (10%) of the issued ordinary share capital of the Company as at the date of passing of this resolution unless the Company has effected a reduction of the share capital of the Company in accordance with the applicable provisions of the Companies Law, at any time during the Relevant Period, in which event the issued ordinary share capital of the Company shall be taken to be the amount of the issued ordinary share capital of the Company as altered (excluding any treasury share that may be held by the Company from time to time); and

  • Distressed Person has the meaning set forth in the definition of “Lender-Related Distress Event.”

  • Regulated party means a person who, pursuant to section 95484(a), must meet the average carbon intensity requirements in section 95482 or 95483.

  • Possessions means any goods over which the pupil has or appears to have control – this includes desks, lockers and bags.

  • IWAI/ Authority/ Department/ Owner means the Inland Waterways Authority of India, which invites tenders on behalf of the Chairman, IWAI and includes therein-legal representatives, successors and assigns.

  • Chemical dependency means the physiological and psychological addiction to a controlled drug or substance, or to alcohol. Dependence upon tobacco, nicotine, caffeine or eating disorders are not included in this definition.

  • Supervised Person means directors, officers and partners of an Adviser (or other persons occupying a similar status or performing similar functions), employees of an Adviser, and any other person who provides advice on behalf of an Adviser and is subject to the Adviser’s supervision and control.

  • Occupational Health and Safety Act means the Occupational Health and Safety Act, 1993 (Act No 85 of 1993);

  • Prescription drug order means an original or new order from a practitioner for drugs, drug-related devices or treatment for a human or animal, including orders issued through collaborative care agreements. Lawful prescriptions result from a valid practitioner-patient relationship, are intended to address a legitimate medical need, and fall within the prescribing practitioner's scope of professional practice;

  • Controlled Substances Act means the Controlled Substances Act (21 U.S.C. Sections 801 et seq.), as amended from time to time, and any successor statute.