48(1)Where by virtue of paragraph 47(3) property falls to be dealt with in insolvency proceedings, the Secretary of State shall be taken to be a creditor in those proceedings to the amount or value of the property.U.K.
(2)Except in a sequestration, his debt—
(a)shall rank after the debts of all other creditors, and
(b)shall not be paid until they have been paid in full with interest under the relevant provision.
(3)In sub-paragraph (2)(b) the “relevant provision” means—
(a)in relation to the winding up of a company in England and Wales or Scotland, section 189(2) of the M1Insolvency Act 1986,
(b)in relation to a bankruptcy in England and Wales, section 328(4) of that Act,
(c)in relation to the winding up of a company in Northern Ireland, Article 160(2) of the M2Insolvency (Northern Ireland) Order 1989, and
(d)in relation to a bankruptcy in Northern Ireland, Article 300(4) of that Order.
(4)In a sequestration, his debt shall rank after all of the debts mentioned in section [F1129(1) of the Bankruptcy (Scotland) Act 2016] and shall not be paid until they have been paid in full.
(5)Sub-paragraphs (2) to (4) apply notwithstanding any provision contained in or made under any other enactment.
Textual Amendments
F1Words in Sch. 4 para. 48(4) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 21(2)
Marginal Citations