1(1)Subject to sub-paragraph (2), all arrestments and attachments which have been executed within 60 days prior to the constitution of the apparent insolvency of the debtor, or within 4 months after its constitution, rank pari passu as if they had all been executed on the same date.
(2)Any such arrestment which is executed on the dependence of an action must be followed up without undue delay.
(3)A creditor judicially producing, in a process relative to the subject of such arrestment or attachment, liquid grounds of debt or decree of payment within the 60 days or 4 months referred to in sub-paragraph (1) is entitled to rank as if the creditor had executed an arrestment or an attachment.
(4)If, in the meantime—
(a)the first or any subsequent arrester obtains a decree of furthcoming and recovers payment, that arrester, or
(b)an attaching creditor carries through an auction or receives payment in respect of an attached article upon its redemption, that attaching creditor,
is accountable for the sum recovered to those who, by virtue of this Act, may eventually be found to have a ranking pari passu on the sum; and is liable in an action at their instance for payment to them proportionately, after allowing out of the fund the expense of such recovery.
(5)Arrestments executed for attaching the same effects of the debtor after the 4 months subsequent to the constitution of the debtor’s apparent insolvency do not compete with those within the 60 days or 4 months referred to in sub-paragraph (1) but may rank with each other on any reversion of the fund attached in accordance with any enactment or rule of law relating to such ranking.
(6)Any reference in sub-paragraphs (1) to (5) to a debtor is to be construed as including a reference to an entity whose apparent insolvency may, by virtue of subsection (6) of section 16 of this Act, be constituted under subsection (1) of that section.
(7)This paragraph applies in respect of arrestments and attachments executed whether before or after the coming into force of this Act.
(8)Nothing in this paragraph applies to an earnings arrestment, a current maintenance arrestment or a conjoined arrestment order.