- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
7.—(1) An arrestment or poinding of realisable property or specified property, as the case may be, executed on or after the appointment of an administrator does not create a preference for the arrester or poinder.
(2) Any realisable property or specified property so arrested or poinded, or (if the property has been sold) the proceeds of sale, must be handed over to the administrator.
(3) A poinding of the ground in respect of realisable property or specified property on or after such appointment is ineffectual in a question with the administrator except for the interest mentioned in sub-paragraph (4).
(4) That interest is—
(a)interest on the debt of a secured creditor for the current half-yearly term; and
(b)arrears of interest on that debt for one year immediately before the commencement of that term.
(5) On and after such appointment no other person may raise or insist in an adjudication against realisable property or specified property or be confirmed as executor – creditor on that property.
(6) An inhibition on realisable property or specified property which takes effect on or after such appointment does not create a preference for the inhibitor in a question with the administrator.
(7) This paragraph is without prejudice to articles 61 and 62.
(8) In this paragraph, the reference to an administrator is to an administrator appointed under article 73(2).
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: