Section 144Part 5 — Company Restructuring and Winding Up
Effect of execution or attachment
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Where a creditor has issued execution against the goods or land of a company or has attached any debt due to it, and the company is subsequently w ound up, that person is not entitled to retain the benefit of the execution or attachment against the liquidator unless that person has completed the execution or attachment before the commencement of the winding up.
Notwithstanding subsection (1) —
where a creditor has had notice of a meeting having been called at which a resolution for voluntary winding up is to be proposed, the date on which that person had notice is substituted for the purpose of subsection (1) for the date of commencement of th e winding up;
a person who purchases in good faith under a sale by the bailiff any goods of a company on which execution has been levied in all cases acquires a good title to them against the liquidator; and
the rights conferred by subsection (1) on the liquidator may be set aside by the Court in favour of the creditor to such extent and subject to such terms as the Court thinks fit.
For the purposes of this Act —
an execution against goods is completed by seizure and sale;
an execution against securities is completed upon making a charging order absolute;
an attachment of a debt is completed by receipt of the debt; and
an execution against land is completed by the registration of a charging order.