8(1)Where the estate of a person is sequestrated—
(a)property for the time being subject to a freezing order made before the date of sequestration (within the meaning of section 12(4) of the 1985 Act); and
(b)any proceeds of property realised by virtue of paragraph 5(2) above for the time being in the hands of a receiver appointed under that paragraph,
is excluded from the debtor’s estate for the purposes of that Act.
(2)Where an award of sequestration is made before a freezing order is made, the powers conferred on a receiver appointed under paragraph 5(2) above shall not be exercised in relation to—
(a)property for the time being comprised in the whole estate of the debtor (within the meaning of section 31(8) of the 1985 Act);
(b)any income of the debtor which has been ordered under section 32(2) of that Act to be paid to the permanent trustee; or
(c)any estate which under section 31(10) or 32(6) of that Act vests in the permanent trustee;
and it shall not be competent to submit a claim in relation to the freezing order to the interim trustee in accordance with section 22 of that Act or the permanent trustee in accordance with section 48 of that Act.
(3)Nothing in the 1985 Act shall be taken as restricting, or enabling the restriction of, the exercise of the powers conferred on a receiver so appointed.
(4)Where, during the period before sequestration is awarded, an interim trustee stands appointed under section 2(5) of the 1985 Act and any property in the debtor’s estate is subject to a freezing order, the powers conferred on the interim trustee by virtue of that Act do not apply to property for the time being subject to the freezing order.
(5)In any case in which, notwithstanding the coming into force of the 1985 Act, the Bankruptcy (Scotland) Act 1913 (c. 20) applies to a sequestration, sub-paragraph (2) above shall have effect as if for paragraphs (a) to (c) there were substituted—
“(a)property which is for the time being comprised in the whole property of the debtor which vests in the trustee under section 97 of the Bankruptcy (Scotland) Act 1913 (c. 20);
(b)any income of the bankrupt which has been ordered under section 98(2) of that Act to be paid to the trustee;
(c)any estate which under section 98(1) of that Act vests in the trustee.”.