PART I EXTENSION OF TIME TO PAY DEBTS
Miscellaneous
12 Sequestration and insolvency.
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.