Judicial Factors (Scotland) Act 2025 (asp 3)

Prospective

Schedule 1 S Standard powers

(introduced by section 13(7))

1 S To take possession of, collect and ingather the property of the factory estate.

Commencement Information

I1 Sch. 1 para. 1 not in force at Royal Assent, see s. 54(2)

2 S On behalf of the factory estate—

(a) to bring or defend any action,

(b) to make any application to the court, or

(c) to engage in any other legal proceedings.

Commencement Information

I2 Sch. 1 para. 2 not in force at Royal Assent, see s. 54(2)

3 S To carry out works.

Commencement Information

I3 Sch. 1 para. 3 not in force at Royal Assent, see s. 54(2)

4 S To grant any deed necessary for carrying into effect a function vested in the judicial factor.

Commencement Information

I4 Sch. 1 para. 4 not in force at Royal Assent, see s. 54(2)

5 S To carry on—

(a) the business (if any) of the factory estate, or

(b) any part of that business.

Commencement Information

I5 Sch. 1 para. 5 not in force at Royal Assent, see s. 54(2)

6 S To enter into, or take over, a contract.

Commencement Information

I6 Sch. 1 para. 6 not in force at Royal Assent, see s. 54(2)

7 S To pay a debt due by the estate without requiring the creditor to constitute the debt, provided that the judicial factor is satisfied that the debt is a proper debt of the factory estate.

Commencement Information

I7 Sch. 1 para. 7 not in force at Royal Assent, see s. 54(2)

8 S To employ, or dismiss from employment, any person.

Commencement Information

I8 Sch. 1 para. 8 not in force at Royal Assent, see s. 54(2)

9 S To appoint an agent to carry out business which the judicial factor does not have the competence to carry out.

Commencement Information

I9 Sch. 1 para. 9 not in force at Royal Assent, see s. 54(2)

10 S To remunerate any person appointed under paragraph 9.

Commencement Information

I10 Sch. 1 para. 10 not in force at Royal Assent, see s. 54(2)

11 S To sell the factory estate, or any part of the factory estate.

Commencement Information

I11 Sch. 1 para. 11 not in force at Royal Assent, see s. 54(2)

12 S To grant, vary, or accept the surrender of a lease or tenancy of any duration of the heritable factory estate or of any part of the heritable factory estate.

Commencement Information

I12 Sch. 1 para. 12 not in force at Royal Assent, see s. 54(2)

13 S To remove a tenant.

Commencement Information

I13 Sch. 1 para. 13 not in force at Royal Assent, see s. 54(2)

14 S To take a lease or tenancy of any duration of any property if it is a lease or tenancy required for the business of the factory estate.

Commencement Information

I14 Sch. 1 para. 14 not in force at Royal Assent, see s. 54(2)

15 S To make any kind of investment of the factory estate, including an investment in heritable property.

Commencement Information

I15 Sch. 1 para. 15 not in force at Royal Assent, see s. 54(2)

16 S To appoint a person as the judicial factor’s nominee, to exercise the judicial factor’s function of investment under paragraph 15.

Commencement Information

I16 Sch. 1 para. 16 not in force at Royal Assent, see s. 54(2)

17 S To authorise an agent to exercise any of the judicial factor’s investment management functions at the agent’s discretion.

Commencement Information

I17 Sch. 1 para. 17 not in force at Royal Assent, see s. 54(2)

18 S To exchange any part of the heritable factory estate for heritable estate of a like, or greater, value.

Commencement Information

I18 Sch. 1 para. 18 not in force at Royal Assent, see s. 54(2)

19 S To acquire property (whether heritable or moveable).

Commencement Information

I19 Sch. 1 para. 19 not in force at Royal Assent, see s. 54(2)

20 S To borrow money on the security of the factory estate or of any part of the factory estate.

Commencement Information

I20 Sch. 1 para. 20 not in force at Royal Assent, see s. 54(2)

21 S On behalf of the factory estate, to draw, accept, make or endorse any bill of exchange or promissory note.

Commencement Information

I21 Sch. 1 para. 21 not in force at Royal Assent, see s. 54(2)

22 S To refer to arbitration a question affecting the factory estate.

Commencement Information

I22 Sch. 1 para. 22 not in force at Royal Assent, see s. 54(2)

23 S To formulate and propose a scheme for division of the factory estate.

Commencement Information

I23 Sch. 1 para. 23 not in force at Royal Assent, see s. 54(2)

24 S To apply to the court for—

(a) authority to act at variance with the purposes of the judicial factory,

(b) a variation of the judicial factor’s functions.

Commencement Information

I24 Sch. 1 para. 24 not in force at Royal Assent, see s. 54(2)

25 S In respect of any securities of a company which are comprised in the factory estate, to concur, as if the judicial factor was entitled to the securities beneficially, in any scheme or arrangement for—

(a) the reconstruction of the company,

(b) the sale of the property and undertaking of the company, or any part of that property and undertaking, to another company,

(c) the acquisition of the securities of the company, or of control of those securities, by another company,

(d) the amalgamation of the company with another company, or

(e) the release, modification or variation of any rights, privileges or liabilities attached to the securities or any of the securities.

Commencement Information

I25 Sch. 1 para. 25 not in force at Royal Assent, see s. 54(2)

26 S To accept any securities of the reconstructed, purchasing or new company in lieu of, or in exchange for, all or any of the original securities.

Commencement Information

I26 Sch. 1 para. 26 not in force at Royal Assent, see s. 54(2)

27 S To retain any such securities for any period which the judicial factor could properly have retained the original securities.

Commencement Information

I27 Sch. 1 para. 27 not in force at Royal Assent, see s. 54(2)

28 S To such extent as the judicial factor considers appropriate—

(a) to exercise any conditional or preferential right to subscribe for any securities in a company,

(b) to apply capital of the factory estate in payment of the consideration for such subscription,

(c) to retain the securities for any period for which the judicial factor has power to retain the holding in respect of which the right to subscribe was offered (but subject to any conditions subject to which the judicial factor has that power),

(d) to renounce any such conditional or preferential right, or

(e) to assign to any person (including any person with an interest in the factory estate), for the best consideration that reasonably can be obtained the benefit of, or title to, any such conditional or preferential right.

Commencement Information

I28 Sch. 1 para. 28 not in force at Royal Assent, see s. 54(2)