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Insolvency Act 1986

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Changes over time for: Section 183

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Version Superseded: 18/11/2015

Status:

Point in time view as at 01/11/2007. This version of this provision has been superseded. Help about Status

Changes to legislation:

Insolvency Act 1986, Section 183 is up to date with all changes known to be in force on or before 09 March 2025. 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. Help about Changes to Legislation

183 Effect of execution or attachment (England and Wales).E+W+S

(1)Where a creditor has issued execution against the goods or land of a company or has attached any debt due to it, and the company is subsequently wound up, he is not entitled to retain the beneift of the execution or attachment against the liquidator unless he has completed the execution or attachment before the commencement of the winding up.

(2)However—

(a)if a creditor has had notice of a meeting having been called at which a resolution for voluntary winding up is to be proposed, the date on which he had notice is substituted, for the purpose of subsection (1), for the date of commencement of the winding up;

(b)a person who purchases in good faith under a sale by the [F1enforcement officer or other officer charged with the execution of the writ] any goods of a company on which execution has been levied in all cases acquires a good title to them against the liquidator; and

(c)the rights conferred by subsection (1) on the liquidator may be set aside by the court in favour of the creditor to such extent and subject to such terms as the court thinks fit.

(3)For purposes of this Act—

(a)an execution against goods is completed by seizure and sale, or by making of a charging order under section 1 of the M1Charging Orders Act 1979;

(b)an attachment of a debt is completed by receipt of the debt; and

(c)an execution against land is completed by seizure, by the appointment of a receiver, or by the making of a charging order under section 1 of the Act above-mentioned.

(4)In this section “goods” includes all chattels personal; and [F2enforcement officer” means an individual who is authorised to act as an enforcement officer under the Courts Act2003].

(5)This section does not apply in the case of a winding up in Scotland.

Textual Amendments

F1Words in s. 183(2)(b) substituted (15.3.2004) by Courts Act 2003 (c. 39), ss. 109(1), 110, Sch. 8 para. 295(2); S.I. 2004/401, art. 2 (with art. 3)

F2Words in s. 183(4) substituted (15.3.2004) by Courts Act 2003 (c. 39), ss. 109(1), 110, Sch. 8 para. 295(3); S.I. 2004/401, art. 2 (with art. 3)

Modifications etc. (not altering text)

C1S. 183 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 103, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 2

Marginal Citations

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