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Changes over time for:
SCHEDULE 20
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.
Version Superseded: 01/10/2009
Status:
Point in time view as at 21/07/1993.
Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985,
SCHEDULE 20.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Section 619.
SCHEDULE 20E+W+S Vesting of Disclaimed Property; Protection of Third Parties
Part IE+W+S . . .
Part IIE+W+S Crown Disclaimer under section 656
(Scotland Only)
5The court shall not under section 657 make a vesting order, where the property disclaimed is held under a lease, in favour of a person claiming under the company (whether as sub-lessee or as creditor in a duly registered or, as appropriate, recorded heritable security over a lease), except on the following terms.
6The person must by the order be made subject—
(a)to the same liabilities and obligations as those to which the company was subject under the lease in respect of the property at the commencement of the winding up, or
(b)(if the court thinks fit) only to the same liabilities and obligations as if the lease had been assigned to him at that date;
and in either event (if the case so requires) the liabilities and obligations must be as if the lease had comprised only the property comprised in the vesting order.
7A creditor or sub-lessee declining to accept a vesting order on such terms is excluded from all interest in and security over the property.
8If there is no person claiming under the company who is willing to accept an order on such terms, the court has power to vest the company’s estate and interest in the property in any person liable (either personally or in a representative character, and either alone or jointly with the company) to perform the lessee’s obligations under the lease, freed and discharged from all interests, rights and obligations created by the company in the lease or in relation to the lease.
9For the purposes of paragraph 5 above, a heritable security is duly recorded if it is recorded in the Register of Sasines and is duly registered if registered in accordance with the Land Registration (Scotland) Act 1979.
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