Conveyancing and Feudal Reform (Scotland) Act 1970

Default.

9 (1) The debtor shall be held to be in default in any of the following circumstances, that is to say—

(a) where a calling-up notice in respect of the security has been served and has not been complied with ;

(b) where there has been a failure to comply with any other requirement arising out of the security ;

(c) where the proprietor of the security subjects has become insolvent.

(2) For the purposes of this condition, the proprietor shall be taken to be insolvent if—

(a) he has become notour bankrupt, or he has executed a trust deed for behoof of, or has made a composition contract or arrangement with, his creditors ;

(b) he has died and a judicial factor has been appointed under section 163 of the [1913 c. 20.] Bankruptcy (Scotland) Act 1913 to divide his insolvent estate among his creditors, or an order has been made for the administration of his estate according to the law of bankruptcy under section 130 of the [1914 c. 59.] Bankruptcy Act 1914, or by virtue of an order of the Court his estate is being administered in accordance with the rules set out in Part I of Schedule 1 to the [1925 c. 23.] Administration of Estates Act 1925 ;

(c) where the proprietor is a company, a winding-up order has been made with respect to it, or a resolution for voluntary winding-up (other than a members' voluntary winding-up) has been passed with respect to it, or a receiver or manager of its undertaking has been duly appointed, or possession has been taken, by or on behalf of the holders of any debentures secured by a floating charge, of any property of the company comprised in or subject to the charge.