Section 252 — Companies Act 1993: Duties of officer in execution process

252 Duties of officer in execution process (1) Subject to subsection (6) of this section, where— (a) Property of a company is taken in an execution process; and (b) Before completion of the execution process the officer charged with the execution process receives notice that a liquidator of the company has been appointed,—

he or she must, on being required by the liquidator to do so, deliver or transfer the property and any money received in satisfaction or partial satisfaction of the execution or paid to avoid a sale of the property, as the case may be, to the liquidator. (2) The costs of the execution process are a first charge on any property or money delivered or transferred to the liquidator under subsection (1) of this section and the liquidator may sell all or some of the property to satisfy that charge. (3) Subject to subsection (6) of this section, where— (a) Property of a company is sold in an execution process in respect of a judgment for a sum exceeding $500; or (b) Money is paid to the officer charged with the execution process to avoid a sale of the property,— the officer must retain the proceeds of sale or the money so paid for 10 working days. (4) Subject to subsection (6) of this section, if,— (a) Within the period of 10 working days, the officer has notice of— (i) The calling of a meeting at which a special resolution is proposed to appoint a liquidator pursuant to section 241(2)(a) of this Act; or (ii) The calling of a meeting of the board at which a resolution is proposed to appoint a liquidator pursuant to section 241(2)(b) of this Act; or (iii) The making of an application to the Court to appoint a liquidator pursuant to section 241(2)(c) of this Act; and (b) The company is put into liquidation— the officer must deduct from the amount the costs of the execution process and pay the balance to the liquidator. (5) A liquidator to whom money is paid under subsection (4) of this section is entitled to retain it as against the execution creditor. (6) The Court may set aside the application of this section to such extent and on such terms and conditions as it thinks fit. Compare: 1955 No 63 s 315