PART 1

Application or petition for sequestration

Concurrent proceedings

Concurrent proceedings for sequestration or analogous remedy
17
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).
S. 17 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2