453 d and liquidating

07-Dec-2019 09:20

[2] The pursuer sues as an individual and as executor of his late wife, Susan Mac Millan, who died on 22 April 2015.

The defender is a company in receivership and liquidation which was incorporated in 2000 for the purpose of constructing a small housing development at Whitecraigs, Glasgow.

Section 15 of the 1972 Act conferred wide powers on a receiver, but in terms of subsection (2)(a) those powers were exercisable subject to the rights of any person who had effectually executed diligence on all or any part of the company’s property prior to the receiver’s appointment.

Section 20(1) of the 1972 Act specified the ranking of the floating charge holder as follows:[9] The provisions of the 1972 Act were repealed and replaced by Part XVIII of the consolidating Companies Act 1985, with sections 463(1)(a), 471(2)(a) and 476(1)(b) thereof respectively re-enacting sections 1(2)(a), 15(2)(a) and 20(1)(b) of the 1972 Act.

Those provisions, together with section 463 of the 1985 Act, remain in force.

was concerned with interpretation of sections 15(2)(a) and 20(1)(b) of the 1972 Act whereas the present case was concerned with sections 55(3)(a) and 60(1)(b) of the 1986 Act.

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