Comparison View

Formal Consolidation |  2020 RevEd
Restriction of rights of creditor under execution or attachment
367.—(1)  Where the creditor of a bankrupt has issued execution against the goods or lands of the bankrupt or has attached any debt due or property belonging to the bankrupt, the creditor is not entitled to retain the benefit of the execution or attachment against the Official Assignee unless the creditor has completed the execution or attachment before the date of the bankruptcy order, except that —
(a)a person who purchases in good faith under a sale by the Sheriff any goods of a bankrupt on which an execution has been levied acquires a good title in all cases to them against the Official Assignee; and
(b)the rights conferred by this subsection on the Official Assignee may be set aside by the Court in favour of the creditor to such extent and subject to such terms as the Court thinks fit.
(2)  For the purposes of this Act —
(a)an execution against goods is completed by seizure and sale;
(b)an attachment of a debt is completed by receipt of the debt; and
(c)an execution against land or any interest in land is completed by registering under any written law relating to the registration of land a writ of seizure and sale attaching the interest of the bankrupt in the land described in the writ of seizure and sale.
Informal Consolidation | Amended Act 25 of 2021
Restriction of rights of creditor under enforcement order or attachment
367.—(1)  Where the creditor of a bankrupt has obtained an enforcement order against the goods or lands of the bankrupt or has attached any debt due or property belonging to the bankrupt, the creditor is not entitled to retain the benefit of the enforcement order or attachment against the Official Assignee unless the creditor has completed the execution of the enforcement order or attachment before the date of the bankruptcy order, except that —
(a)a person who purchases in good faith under a sale by the Sheriff any goods of a bankrupt on which an enforcement order has been executed acquires a good title in all cases to them against the Official Assignee; and
[Act 25 of 2021 wef 01/04/2022]
(b)the rights conferred by this subsection on the Official Assignee may be set aside by the Court in favour of the creditor to such extent and subject to such terms as the Court thinks fit.
[Act 25 of 2021 wef 01/04/2022]
(2)  For the purposes of this Act —
(a)an enforcement order against goods is completed by seizure and sale;
[Act 25 of 2021 wef 01/04/2022]
(b)an attachment of a debt is completed by receipt of the debt; and
(c)an enforcement order against land or any interest in land is completed by registering under any written law relating to the registration of land an enforcement order for seizure and sale of property attaching the interest of the bankrupt in the land described in the enforcement order for seizure and sale of property.
[Act 25 of 2021 wef 01/04/2022]