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Changes over time for: Section 180
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Version Superseded: 28/11/2017
Status:
Point in time view as at 30/11/2016. This version of this provision has been superseded.
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Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1989, Section 180.
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180 Proceedings against market property by unsecured creditors.E+W+S
(1)Where property (other than land) is held by a recognised investment exchange or recognised clearing house as margin in relation to market contracts [or as default fund contribution,] or is subject to a market charge, no execution or other legal process for the enforcement of a judgment or order may be commenced or continued, and no distress may be levied, [and no power to use the procedure in Schedule 12 to the Tribunals, Courts and Enforcement Act 2007 (taking control of goods) may be exercised,] against the property by a person not seeking to enforce any interest in or security over the property, except with the consent of—
(a)in the case of property provided as cover for margin [or as default fund contribution], the investment exchange or clearing house in question, or
(b)in the case of property subject to a market charge, the person in whose favour the charge was granted.
(2)Where consent is given the proceedings may be commenced or continued notwithstanding any provision of the Insolvency Act 1986 or the Bankruptcy (Scotland) Act [2016].
(3)Where by virtue of this section a person would not be entitled to enforce a judgment or order against any property, any injunction or other remedy granted with a view to facilitating the enforcement of any such judgment or order shall not extend to that property.
(4)In the application of this section 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.
Textual Amendments
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