(1)A payment order authorises the judicial officer—
(a)to realise the value of money attached; and
(b)subject to section 37 of the 1985 Act (effect of sequestration on diligence), to dispose of the proceeds of the money attachment by—
(i)retaining such amount as necessary to meet the fees and outlays of the officer;
(ii)paying to the creditor the remainder of those proceeds so far as necessary to meet the sum recoverable by the money attachment; and
(iii)paying to the debtor any surplus remaining.
(2)For the purposes of subsection (1) above, the payment order authorises the judicial officer—
(a)to act as the irrevocable agent of the debtor in relation to any banking instrument attached; and
(b)to take any of the steps mentioned in subsection (3) below.
(3)Those steps are—
(a)presenting the instrument for payment;
(b)if instructed by the creditor to do so, raising any action for payment that would have been open to the debtor to raise against any person liable to honour the instrument;
(c)except where the instrument is not negotiable, negotiating the instrument—
(i)for value; or
(ii)to the creditor for value credited against the sum recoverable by the money attachment;
(d)any other steps the debtor could have taken in relation to the instrument before the money attachment was executed.
(4)The judicial officer must, in taking any of the steps referred to in subsection (3) above, obtain the highest amount for the instrument as is reasonably practicable.
(5)In subsection (1)(b) above, “proceeds of the money attachment” includes any amount—
(a)deposited in a bank account by virtue of section 181(6) or 185(4)(b)(iii) of this Act;
(b)obtained as a result of taking any of the steps mentioned in subsection (3) above; and
(c)received by the judicial officer by virtue of section 191(2)(c) of this Act.