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PART IS EXTENSION OF TIME TO PAY DEBTS

MiscellaneousS

12 Sequestration and insolvency.S

(1)While a time to pay direction or a time to pay order is in effect, the creditor shall not be entitled to found on the debt concerned in presenting, or in concurring in the presentation of, a petition for the sequestration of the debtor’s estate.

(2)A time to pay direction or a time to pay order shall cease to have effect—

(a)on the granting of an award of sequestration of the debtor’s estate;

(b)on the granting by the debtor of a voluntary trust deed whereby his estate is conveyed to a trustee for the benefit of his creditors generally; or

(c)on the entering by the debtor into a composition contract with his creditors.

13 Saving of creditor’s rights and remedies.S

(1)No right or remedy of a creditor to enforce his debt shall be affected by—

(a)a time to pay direction;

(b)a time to pay order; or

(c)an interim order under section 6(3) of this Act,

except as expressly provided in this Part of this Act.

(2)The recall—

(a)on the making of a time to pay direction or an order under section 3(1) of this Act, of an arrestment; or

(b)on the making of a time to pay order or an order under section 10(1) of this Act, of an arrestment or [F1an attachment] ,

shall not prevent the creditor therein from being ranked by virtue of that arrestment or [F2attachment] pari passu under paragraph 24 of Schedule 7 to the M1Bankruptcy (Scotland) Act 1985 on the proceeds of any other arrestment or [F2attachment] .

Textual Amendments

Marginal Citations

14 Circumstances where direction or order not competent or no longer effective.S

(1)It shall be competent to make a time to pay direction or a time to pay order only in relation to a debtor who is an individual and only if, and to the extent that, the debtor is liable for payment of the debt concerned in either or both of the following capacities—

(a)personally;

(b)as a tutor of an individual or as a judicial factor loco tutoris, curator bonis or judicial factor loco absentis on an individual’s estate.

(2)A time to pay direction or a time to pay order shall cease to have effect on the death of the debtor or on the transmission of the obligation to pay the debt concerned during his lifetime to another person.

(3)Where a time order for the payment by instalments of a sum owed under a regulated agreement or a security has been made under section 129(2)(a) of the M2Consumer Credit Act 1974 it shall not thereafter be competent to make a time to pay direction or a time to pay order in relation to that sum.

Marginal Citations

15 Interpretation of Part I.S

(1)In this Part of this Act—

(2)In sections 1 to 4 of this Act—

(3)In sections 5 to 14 of this Act—

Textual Amendments

F4S. 15(1): definition of "poinding" repealed (30.12.2002) by Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17), s. 61, Sch. 3 Pt. 1 para. 17(7) (with s. 63)

F5Words in s. 15(3) inserted (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 209(4)(a), 227(3) (with s. 223); S.S.I. 2008/115, art. 3(1)(g) (with arts. 4-6, 10, 15) (as amended: (23.2.2009) by S.S.I. 2009/67, art. 7; (31.1.2011) by S.S.I. 2011/31, art. 5(a); and (4.10.2014) by S.S.I. 2014/173, arts. 1(2), 3)

F7Words in s. 15(3) repealed (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 209(4)(b), 227(3) (with s. 223); S.S.I. 2008/115, art. 3(1)(g) (with arts. 4-6, 10, 15) (as amended: (23.2.2009) by S.S.I. 2009/67, art. 7; (31.1.2011) by S.S.I. 2011/31, art. 5(a); and (4.10.2014) by S.S.I. 2014/173, arts. 1(2), 3)

Marginal Citations