Section 247: Duties of Court Officer in relation to company’s property

247. Duties of Court Officer in relation to company’s property (1) Where an usher or Registrar of the Court or other Court Officer receives written notice that a company is in administration, the Court Officer shall not— (a) take action to sell property of the company under an execution process; (b) pay to a person other than the administrator— (i) proceeds of the sale of the company’s property under an execution process; (ii) money of the company seized under an execution process; or (iii) money paid to avoid seizure or sale of property of the company under an execution process; (c) take action in relation to the attachment of a debt due to the company; or (d) pay to any person other than the administrator money received because of the attachment of a debt due to the company. (2) The Court Officer shall deliver to the administrator any property of the company that is in his possession under an execution process. (3) The Court Officer shall pay to the administrator all proceeds or money of a kind referred to in subsection (l) (b) or (d) that— (a) are in the Court Officer’s possession; or (b) have been paid into the Court and have not since been paid out. I14 – 141 [Issue 3] Insolvency Act (4) The costs of the execution or attachment are a first charge over property delivered under subsection (2) or proceeds or money paid under subsection (3). (5) In order to give effect to a charge under subsection (4), on proceeds or money, the Court Officer may retain, on behalf of the person entitled to the charge, so much of the proceeds as the Court Officer thinks necessary. (6) The Court may, where it is satisfied that it is appropriate to do so, permit the Court Officer to take action, or make a payment, that subsection (1) would otherwise prevent. (7) Notwithstanding this section, a person who buys property in good faith under a sale under an execution process obtains a good title to the property as against the company and the administrator.