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Changes over time for: Section 41
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/07/2010. This version of this provision is prospective.
Status
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
- where the provision (Part, Chapter or section) has never come into force or;
- where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
Note: Point in time prospective is the latest available view of the legislation that includes by default all the prospective changes that might come into force.
Changes to legislation:
Bankruptcy and Diligence etc. (Scotland) Act 2007, Section 41 is up to date with all changes known to be in force on or before 07 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
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Prospective
41Ranking clausesS
This section has no associated Explanatory Notes
(1)The document granting a floating charge over all or any part of the property of a company may make provision regulating the order in which the charge ranks with any other floating charge or any fixed security (including a future floating charge or fixed security) over that property or any part of it.
(2)Provision under subsection (1) above—
(a)may displace in whole or part—
(i)subsections (1) and (2) of section 40 of this Act;
(ii)subsections (5) and (6) of that section;
(b)may not affect the operation of subsection (4) of that section (whether as against subsections (1) and (2) of that section or other provision under subsection (1) above).
(3)Accordingly, subsections (1), (2), (5) and (6) of that section have effect subject to any provision made under subsection (1) above.
(4)Provision under subsection (1) above is not valid unless it is made with the consent of the holder of any subsisting floating charge, or any subsisting fixed security, which would be adversely affected by the provision.
(5)A document of consent for the purpose of subsection (4) above may be registered in the Register of Floating Charges.
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