No legal proceedings, execution or other legal process may be commenced or continued, and no distress may be levied against property which is, or becomes, subject to a market charge except with the consent of the person in whose favour the charge was granted or the leave of the court.

The court may give leave subject to such terms as it thinks fit.

Sub-paragraph (1) does not apply to proceedings to enforce any security over, or any equitable interest in, the property.

Sections 10(1)(c), 11(3)(d), 130(3) and 285(3) of the M1Insolvency Act 1986 (which restrict the taking of certain legal proceedings and other steps) have effect accordingly.

In the application of this paragraph to Scotland, the reference to execution being commenced or continued includes a reference to diligence being carried out or continued, and the reference to distress being levied shall be omitted.