SCHEDULES
SCHEDULE 3Administrators: further provision
I17Effect of appointment of administrator on diligence
1
2
Any realisable property so arrested or F3attached , or (if the property has been sold) the proceeds of sale, must be handed over to the administrator.
3
A poinding of the ground in respect of realisable property on or after such appointment is ineffectual in a question with the administrator except for the interest mentioned in sub-paragraph (4).
4
That interest is—
a
interest on the debt of a secured creditor for the current half-yearly term, and
b
arrears of interest on that debt for one year immediately before the commencement of that term.
5
On and after such appointment no other person may raise or insist in an adjudication against realisable property or be confirmed as executor-creditor on that property.
6
An inhibition on realisable property which takes effect on or after such appointment does not create a preference for the inhibitor in a question with the administrator.
7
This paragraph is without prejudice to sections 123 and 124.
8
In this paragraph, the reference to an administrator is to an administrator appointed under section 128(3).