Enforcement against Government funds, stocks, etc.N.I.
Order charging certain funds, stock, etc.N.I.
58. Where a debtor has a beneficial interest in—
(a)Government funds or stock; or
(b)funds or stock of any local authority or public undertaking in Northern Ireland; or
(c)stock or shares registered in Northern Ireland of any public company incorporated in Northern Ireland or of any public company incorporated elsewhere [F1which has an established place of business in Northern Ireland];
the Office may make an order charging such funds, stock or shares with the whole or any part of the amount recoverable on foot of the judgment.
F1Words in art. 58(c) substituted (1.10.2009) by Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 49(3) (with art. 10)
Effect of order made under Article 58N.I.
59.—(1) An order made under Article 58 shall from the time of service of a copy thereof have effect so as to—
(a)require that all dividends or interest accruing be paid to the owner of the charge or to the Office as the order may direct;
(b)restrain the registrar of Government funds or stock, or the local authority, public undertaking or public company, as the case may require, from dealing with such funds, stock or shares, or the produce thereof, save in accordance with the provisions of this Article.
(2) Service under paragraph (1) shall be effected on the registrar of Government funds or stock or, as the case may require, on the local authority, public undertaking or public company.
Vesting order leading to disposal of certain funds, stock, etc.N.I.
60.—(1) Where after the expiration of three months from the making of an order under Article 58 charging any funds, stock or shares the amount recoverable on foot of the judgment has not been paid, the Office may make an order vesting in the Chief Enforcement Officer all or any part of the funds, stock or shares.
(2) Upon the making of a vesting order under this Article the Chief Enforcement Officer shall—
(a)forthwith serve a copy of the order on the registrar, authority, undertaking or company (as the case may require), who shall give effect to the order; and
(b)proceed to dispose of the funds, stock or shares in accordance with rules.