Section 154 — Property Law Act 2007: Transitional provisions relating to preferential claims

154 Transitional provisions relating to preferential claims (1) The provisions of section 104PPA of the Property Law Act 1952, as in force immediately before the commencement of the Personal Property Securities Act 1999 , continue to apply in respect of a company’s property that was subject to a floating charge that, before that commencement, became a fixed or specific charge. (2) The provisions of section 104PPA of the Property Law Act 1952, as in force immediately before 1 January 2008, continue to apply to a mortgagee that was, immediately before that date, subject to those provisions. (3) If subsection (1) or (2) applies, the mortgagee in possession who receives income from or sells the property concerned must apply the income, or the proceeds arising from the sale, in accordance with those subsections and otherwise as if this Act had not been enacted.