(1)The clerk of the court shall forthwith after the date of sequestration send—
(a)a certified copy of the relevant court order to the keeper of the register of inhibitions and adjudications for recording in that register; and
(b)a copy of the order to the Accountant in Bankruptcy.
(2)Recording under subsection (1)(a) above shall have the effect as from the date of sequestration of an inhibition and of a citation in an adjudication of the debtor’s heritable estate at the instance of the creditors who subsequently have claims in the sequestration accepted under section 49 of this Act.
(3)The effect mentioned in subsection (2) above shall expire—
(a)on the recording under section 15(5)(a) or 17(8)(a) of, or by virtue of paragraph 11 of Schedule 4 to, this Act or a certified copy of an order; or
(b)subject to subsection (4) below, if the effect has not expired by virtue of paragraph (a) above, at the end of the period of 3 years beginning with the date of sequestration.
(4)The permanent trustee, if not discharged, [F1may]before the end of the period of 3 years mentioned in subsection (3)(b) above send a memorandum in a form prescribed by the Court of Session by act of sederunt to the keeper of the register of inhibitions and adjudications for recording in that register, and such recording shall renew the effect mentioned in subsection (2) above; and thereafter the said effect shall continue to be preserved only if such a memorandum is so recorded before the expiry of every subsequent period of 3 years.
(5)In this section “relevant court order” means, if the petition for sequestration is presented by—
(a)the debtor, the order of the court awarding sequestration; or
(b)a creditor or the trustee acting under a trust deed, the order of the court granting warrant under section 12(2) of this Act.
Textual Amendments
F1Words in s. 14(4) substituted (1.4.1993, subject to savings in arts. 4, 5 of S.I. 1993/438) by 1993 c. 6, s. 11(3), Sch. 1 para.3 (with s. 12(6)); S.I. 1993/438, art.3