Document ID: chunk:federal_register_of_legislation:C2025C00185:section:570:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 570 (pt 2/2)
Character Range: 1923313–1925567

officer of a court.
 (6) Upon such a notice being so served:
 (a) the sheriff must deliver or pay to the liquidator:
 (i) any property of the company in the sheriff's possession under a process of execution issued by or on behalf of a creditor; and
 (ii) any proceeds of the sale of property of the company or other money in the sheriff's possession, being proceeds of the sale of property sold, whether before or after the commencement of the winding up, pursuant to such a process or money seized, or paid to avoid seizure or sale of property of the company, whether before or after the commencement of the winding up, under such a process; or
 (b) the registrar or other officer of the court must pay to the liquidator any proceeds of the sale of property of the company or other money in court, being proceeds of sale or other money paid into court, whether before or after the commencement of the winding up, by a sheriff pursuant to a process of execution issued by or on behalf of a creditor;
as the case requires.
 (7) Where:
 (a) property is, or proceeds of the sale of property or other money are, required by subsection (6) to be delivered or paid to a liquidator; or
 (b) a sheriff has, pursuant to subsection (1), refrained from taking action to sell property of a company, being land, and that company is being wound up under an order made on the application referred to in that subsection;
the costs of the execution are a first charge on that property or on those proceeds of sale or other money.
 (8) For the purpose of giving effect to the charge referred to in subsection (7), the sheriff, registrar or other officer may retain, on behalf of the creditor entitled to the benefit of the charge, such amount from the proceeds of sale or other money referred to in that subsection as he or she thinks necessary for the purpose.
 (9) The Court may, if in a particular case it considers it is proper to do so:
 (a) permit a sheriff to take action to sell property or make a payment that the sheriff could not, by reason of subsection (1), otherwise validly take; or
 (b) permit the making of a payment the making of which would, by reason of subsection (3), otherwise be prohibited.

Division 8—Pooling

Subdivision A—Pooling determinations