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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 22 March 2002 - onwards
Version 2 of 2

7. When designated credit institution becomes insolvent.

A designated credit institution becomes insolvent for the purposes of this Act in any of the following circumstances:

(a) if the appointment of an examiner in respect of the institution under the Companies (Amendment) Act, 1990, is not terminated or stayed within 30 days after the date of the appointment;

(b) if the appointment of a liquidator in respect of the institution is not terminated or stayed within 30 days after the date of the appointment;

(c) if the appointment of a receiver over any part of the property or undertaking of the institution is not terminated or stayed within 30 days after the date of the appointment;

(d) if the institution is a company and the company is deemed to be unable to pay its debts as provided by -

(i) section 2(3) (a) or (b) of the Companies (Amendment) Act, 1990, or

(ii) section 214(b) or (c) of the Companies Act, 1963;

(e) if the institution is a building society and the High Court makes an order under section 109 of the Building Societies Act, 1989, directing the society to be wound up on the ground that it is unable to pay its debts;