(1)If, in the course of sequestration proceedings (referred to in this section and in section 18 as the “instant proceedings”), a person who is a petitioner for sequestration, the debtor, or a creditor concurring in a debtor application is or becomes aware of any of the circumstances mentioned in subsection (2), that person must as soon as may be take the action mentioned in subsection (3).
(2)The circumstances are that, notwithstanding the instant proceedings—
(a)a petition for sequestration of the debtor’s estate is before a sheriff,
(b)such sequestration has been awarded,
(c)a debtor application has been made in relation to the debtor’s estate,
(d)sequestration has been awarded by virtue of any such application,
(e)a petition for the appointment of a judicial factor on the debtor’s estate is before a court,
(f)such a judicial factor has been appointed,
(g)a petition is before a court for the winding up of the debtor under Part 4 or 5 of the Insolvency Act 1986 or section 372 of the Financial Services and Markets Act 2000,
(h)an application for an analogous remedy in respect of the debtor’s estate is proceeding, or
(i)such an analogous remedy is in force.
(3)The action is—
(a)where the instant proceedings are by petition for sequestration, to notify the sheriff to whom that petition was presented of the circumstances in question,
(b)where the instant proceedings are by debtor application, to notify AiB of those circumstances.
(4)A petitioner who fails to comply with subsection (1) may be made liable for the expenses of presenting the petition for sequestration.
(5)A debtor who fails so to comply commits an offence.
(6)A debtor who commits an offence under subsection (5) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(7)A creditor concurring in a debtor application who fails so to comply may be made liable for the expenses of making the debtor application.
(8)In this section and in section 18, “analogous remedy” means—
(a)in relation to England and Wales—
(i)an individual voluntary arrangement or bankruptcy order under the Insolvency Act 1986,
(ii)an administration order under section 112 of the County Courts Act 1984, or
(iii)a remedy having the like effect to any of those mentioned in sub-paragraphs (i) and (ii) or to sequestration, and
(b)in relation to Northern Ireland or to any other country, a remedy having the like effect as a remedy mentioned in paragraph (a).