7(1)An arrestment or [F1attachment] of realisable property executed on or after the appointment of an administrator does not create a preference for the arrester or [F2attacher] .
(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).
Textual Amendments
F1Words in Sch. 3 para. 7(1) substituted (30.12.2002) by Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17), ss. 61, 64(2), Sch. 3 Pt. 1 para. 29(2)(a)(i)
F2Words in Sch. 3 para. 7(1) substituted (30.12.2002) by Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17), ss. 61, 64(2), Sch. 3 Pt. 1 para. 29(a)(ii)
F3Words in Sch. 3 para. 7(2) substituted (30.12.2002) by Debt Arrangement and Attachment (Scotland) Act 2002 (asp 17), ss. 61, 64(2), Sch. 3 Pt. 1 para. 29(b)
Commencement Information
I1Sch. 3 para. 7 in force at 24.3.2003 by S.S.I. 2003/210, art. 2(1)(a)