Section 170: Right of creditor to complete execution, distraint or attachment
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
170. Right of creditor to complete execution, distraint or attachment
(1) Subject to subsection (3), a creditor is not entitled to retain the benefit of any execution process, distress or attachment over or against the property of a company unless the execution process, distress or attachment is
completed before—
(a) the passing of a resolution under section 137 (1) (a) appointing a
liquidator of the company, or the date on which the creditor had
notice of the calling of a meeting at which such a resolution was
proposed, whichever occurs first;
(b) the passing of a resolution under section 137 (4) appointing a
liquidator of the company, or the date on which the creditor had
notice of the calling of a meeting at which such a resolution was
proposed, whichever occurs first;
(c) the making of an application to the Court under section 102 to
appoint a liquidator of the company; or
(d) the passing of an ordinary resolution under section 137 (1) (a)
that a company should be wound up, or the date on which the
creditor had notice of the calling of the meeting at which such a
resolution was proposed, whichever occurs first.
I14 – 99 [Issue 3]
Insolvency Act
(2) Notwithstanding subsection (1)—
(a) a person who, in good faith, purchases property of a company
from an officer charged with an execution process acquires a
good title as against the liquidator of the company; and
(b) a person who, in good faith, purchases property of a company
on which distress has been levied acquires a good title as
against the liquidator of the company.
(3) The Court may order that subsection (1) shall not apply to such an
extent and on such terms as the Court thinks appropriate.
(4) For the purposes of this section—
(a) an execution or distraint against movable property is completed
by seizure and sale;
(b) an attachment of a debt is completed by receipt of the debt; and
(c) an execution against immovable property is completed by sale.
(5) Nothing in this section shall affect section 313.