Act of Sederunt (Applications under Part VII of the Companies Act 1989) 1991

Applications under Part VII of the Companies Act 1989

2.—(1) An application for an order or direction under the provisions of the Companies Act 1989 (“the Act”)(1) specified in sub-paragraph (2) below shall be made;

(a) where there are before the sheriff insolvency proceedings to which the application relates, by note in the process of those proceedings; or

(b) where there are no such proceedings before the sheriff, by summary application.

(2) The provisions of the Act referred to in sub-paragraph (1) above are—

(a) section 161(1) (interim order in relation to party to market contract dissipating or applying assets to prevent recovery by relevant office-holder);

(b) section 161(3) (order altering or dispensing from compliance with duties of relevant office-holder);

(c) section 163(4) (direction that profit arising from a sum is not recoverable by relevant office-holder);

(d) section 164(4) (direction that profit from a market contract or the amount or value of a margin is not recoverable by relevant office-holder);

(e) section 175(2) (order to ensure that charge under a prior or pari passu ranked charge is not prejudiced by enforcement of market charge);

(f) section 175(5) (direction that profit from a property disposition is not recoverable by relevant office-holder); and

(g) section 182(4) (order to acheive same result as if provisions of Schedule 22 to the Act had been in force).

(1)

1989 c. 40.