SCHEDULES
SCHEDULE 22 Financial Markets and Insolvency: Provisions Applying to Pre-commencement Cases
Market charges
I112
1
No legal proceedings, execution or other legal process may be commenced or continued, and no distress may be levied against property which is, or becomes, subject to a market charge except with the consent of the person in whose favour the charge was granted or the leave of the court.
2
The court may give leave subject to such terms as it thinks fit.
3
Sub-paragraph (1) does not apply to proceedings to enforce any security over, or any equitable interest in, the property.
4
Sections 10(1)(c), 11(3)(d), 130(3) and 285(3) of the M1Insolvency Act 1986 (which restrict the taking of certain legal proceedings and other steps) have effect accordingly.
5
In the application of this paragraph to Scotland, the reference to execution being commenced or continued includes a reference to diligence being carried out or continued, and the reference to distress being levied shall be omitted.