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Proceeds of Crime Act 2002
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- UK Public General Acts
- 2002 c. 29
- SCHEDULE 3
- Paragraph 7
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Proceeds of Crime Act 2002, Paragraph 7 is up to date with all changes known to be in force on or before 24 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.
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Changes and effects yet to be applied to Schedule 3 Paragraph 7:
- Sch. 3 para. 7(5) words repealed by 2007 asp 3 Sch. 6 Pt. 1
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 13(5)(a)(iia) inserted by 2015 c. 30 Sch. 5 para. 15(3)(d)
- s. 323(1)(hc) inserted by 2023 c. 20 Sch. para. 45(2)
- s. 323(4)(ec) inserted by 2023 c. 20 Sch. para. 45(3)
- s. 323(5)(ec) inserted by 2023 c. 20 Sch. para. 45(4)
Effect of appointment of administrator on diligenceS
This section has no associated Explanatory Notes
7(1)An arrestment or [F1attachment] of realisable property executed on or after the appointment of an administrator does not create a preference for the arrester or [F2attacher] .
(2)Any realisable property so arrested or [F3attached] , or (if the property has been sold) the proceeds of sale, must be handed over to the administrator.
(3)A poinding of the ground in respect of realisable property on or after such appointment is ineffectual in a question with the administrator except for the interest mentioned in sub-paragraph (4).
(4)That interest is—
(a)interest on the debt of a secured creditor for the current half-yearly term, and
(b)arrears of interest on that debt for one year immediately before the commencement of that term.
(5)On and after such appointment no other person may raise or insist in an adjudication against realisable property or be confirmed as executor-creditor on that property.
(6)An inhibition on realisable property which takes effect on or after such appointment does not create a preference for the inhibitor in a question with the administrator.
(7)This paragraph is without prejudice to sections 123 and 124.
(8)In this paragraph, the reference to an administrator is to an administrator appointed under section 128(3).
Textual Amendments
F1Words in Sch. 3 para. 7(1) substituted (30.12.2002) by Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17), ss. 61, 64(2), Sch. 3 Pt. 1 para. 29(2)(a)(i)
F2Words in Sch. 3 para. 7(1) substituted (30.12.2002) by Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17), ss. 61, 64(2), Sch. 3 Pt. 1 para. 29(a)(ii)
F3Words in Sch. 3 para. 7(2) substituted (30.12.2002) by Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17), ss. 61, 64(2), Sch. 3 Pt. 1 para. 29(b)
Commencement Information
I1Sch. 3 para. 7 in force at 24.3.2003 by S.S.I. 2003/210, art. 2(1)(a)
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