Sheriff Courts (Scotland) Act 1907

Insolvency or death of cautioner or guarantor S

27.8. Where caution has been found by bond of caution or security has been given by guarantee and the cautioner or guarantor, as the case may be—

(a) becomes apparently insolvent within the meaning assigned by [F1 section 16 of the Bankruptcy (Scotland) Act 2016 (meaning of apparent insolvency)],

(b) calls a meeting of his creditors to consider the state of his affairs,

(c) dies unrepresented, or

(d) is a company and—

(i) an [F2 administration, bank administration or building society special administration order or a winding up, bank insolvency or building society insolvency order] has been made, or a resolution for a voluntary winding up has been passed, with respect to it,

(ii) a receiver of all or any part of its undertaking has been appointed, or

(iii) a voluntary arrangement (within the meaning assigned by section 1(1) of the M1 Insolvency Act 1986) has been approved under Part I of that Act,

the party entitled to benefit from the caution or guarantee may apply by motion for a new security or further security to be given.

Textual Amendments

F1 Words in Sch. 1 rule 27.8(a) substituted (30.11.2016) by Act of Sederunt (Rules of the Court of Session, Sheriff Appeal Court Rules and Sheriff Court Rules Amendment) (Bankruptcy (Scotland) Act 2016) 2016 (S.S.I. 2016/312), paras. 1(2), 5(2)

F2 Words in Sch. 1 rule 27.8(d)(i) substituted (1.10.2009) by Act of Sederunt (Sheriff Court Rules) (Miscellaneous Amendments) 2009 (S.S.I. 2009/294), paras. 1(1), 16

Modifications etc. (not altering text)

C1 Rule 27.8 applied (with modifications) (1.1.1994) by S.I. 1993/3128, para. 3(2).

Marginal Citations

M1 1986 c.65.