Insolvency Act · 2022 Revised Edition · Chapter VIII
154. Duties of bailiff as to goods taken in execution
Official textFrom Attorney General's Chambers, unchanged
Subject to subsection (3), where any goods of a company are taken in execution and, before the sale thereof or the completion of the execution by the receipt or recovery of the full amount of the levy, notice is served on the bailiff that —
a provisional liquidator has been appointed;
a winding up order has been made; or
a resolution for voluntary winding up has been passed, the bailiff shall, on being so required, deliver the goods and any money seized or received in part satisfaction of the execution to the liquidator, but the costs of the execution shall be a first charge on the goods or money so delivered, and the liquidator may sell the goods, or a sufficient part thereof, for the purpose of satisfying that charge.
Insolvency
Subject to subsection (3), where under an execution in respect of a judgment for a sum exceeding $100, the goods of a company are sold or money is paid in order to avoid sale, the bailiff shall —
company
“company” means a company incorporated or registered under the Companies Act;
deduct the costs of the execution from the proceeds of the sale or the money paid and retain the balance for 14 days; and
if within that time, notice is served on him of —
an application for the winding up of the company having been made; or
a meeting having been called at which there is to be proposed a resolution for the voluntary winding up, and an order is made or a resolution is passed for the winding up, pay the balance to the liquidator who shall be entitled to retain it as against the execution creditor.
The rights conferred by this section on the liquidator may be set aside by the Court in favour of the creditor to such extent and subject to such conditions as the Court thinks fit.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Offences
Terms defined in this Act
bailiff
Defined · s 152“bailiff” includes any officer charged with the execution of a writ or other process;
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
resolution for voluntary winding up
Defined · s 3“resolution for voluntary winding up” means a resolution passed under section 66(1)(a) or (b);
Chapter IX
Chapter X
Part