INSOLVENCY Citation and commencement 1 These Rules may be cited as the Bankruptcy (Financial Services and Markets Act 2000) Rules (Northern Ireland) 2005 and shall come into operation on 19th September 2005. Interpretation 2 In these Rules— “ the Act ” means the Financial Services and Markets Act 2000 ; “the Authority” means— in a case where the individual is a PRA -authorised person or is carrying on a PRA -regulated activity in contravention of section 19 of the Financial Services and Markets Act 2000, the Financial Conduct Authority or the Prudential Regulation Authority; in any other case, the Financial Conduct Authority; “debt” means the sum referred to in section 372(4)(a) of the Act; “demand” means a demand made under section 372(4)(a) of the Act; “individual” has the meaning given by section 372(7) of the Act; “person” excludes a body of persons corporate or unincorporate; “the 1991 Rules ” means the Insolvency Rules (Northern Ireland) 1991 . Modification of the 1991 Rules 3 The 1991 Rules shall apply in relation to a demand, subject to the modifications set out in Rules 4 to 7. Rule 6.001 4 1 Rule 6.001 (form and content of statutory demand) is disapplied. 2 A demand must be dated and signed by a member of the Authority ’s staff authorised by it for that purpose. 3 A demand must specify that it is made under section 372(4)(a) of the Act. 4 A demand must state the amount of the debt, to whom it is owed and the consideration for it or, if there is no consideration, the way in which it arises; but if the person to whom the debt is owed holds any security in respect of the debt of which the Authority is aware— a the demand must specify the nature of the security and the value which the Authority puts upon it as at the date of the demand; and b the amount of which payment is claimed by the demand must be the full amount of the debt less the amount specified as the value of the security. 5 A demand must state the grounds on which it is alleged that the individual appears to have no reasonable prospect of paying the debt. Rule 6.002 5 1 Rule 6.002 (information to be given in statutory demand) is disapplied. 2 The demand must include an explanation to the individual of the following matters— a the purpose of the demand and the fact that, if the individual does not comply with the demand, bankruptcy proceedings may be commenced against him; b the time within which the demand must be complied with, if that consequence is to be avoided; c the methods of compliance which are open to the individual; and d the individual’s right to apply to the court for the demand to be set aside. 3 The demand must specify the name and address (and telephone number, if any) of one or more persons with whom the individual may, if he wishes, enter into communication with a view to establishing to the Authority’s satisfaction that there is a reasonable prospect that the debt will be paid when it falls due or (as the case may be) that the debt will be secured or compounded. Rules 6.003, 6.005, 6.010 and 6.022 6 1 Rules 6.003 (requirements as to service), 6.005 (hearing of application to set aside), 6.010, (proof of service of statutory demand) and 6.022 (decision on the hearing) apply as if— a references to the debtor were references to an individual; b references (other than in rule 6.005(2) and (4)(c)) to the creditor were references to the Authority; and c references to the creditor in rule 6.005(2) and (4)(c) were references to the person to whom the debt is owed. 2 Rule 6.005(2) applies as if the reference to the creditor also included a reference to the Authority. 3 Rule 6.005(5) is disapplied and there is substituted the following— Where the person to whom the debt is owed holds some security in respect of his debt, and Rule 4(4) of the Bankruptcy (Financial Services and Markets Act 2000) Rules (Northern Ireland) 2005 is complied with in respect of it but the court is satisfied that the security is undervalued in the demand, the Authority may be required to amend the demand accordingly (but without prejudice to its right to present a bankruptcy petition by reference to the original demand). Rule 6.004 7 Rule 6.004 (application to set aside statutory demand) applies as if references to the debtor were references to an individual. Signed by the authority of the Lord Chancellor Bridget Prentice Parliamentary Under-Secretary of State, Department for Constitutional Affairs Dated 11th August 2005 The Department of Enterprise, Trade and Investment hereby concurs with the foregoing Rules. Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 18th August 2005. Michael J. Bohill Senior Officer of the Department of Enterprise, Trade and Investment