OpenLegislation

Section 180 Proceedings against market property by unsecured creditors.I1C1

England, Wales and Scotland

(1)

Where property (other than land) is held by F1a recognised body as margin in relation to market contracts F2or as default fund contribution, or is subject to a market charge, no execution or other legal process for the enforcement of a judgment or order may be commenced or continued, and no distress may be levied, F3and no power to use the procedure in Schedule 12 to the Tribunals, Courts and Enforcement Act 2007 (taking control of goods) may be exercised, against the property by a person not seeking to enforce any interest in or security over the property, except with the consent of—

(a)

in the case of property provided as cover for margin F4or as default fund contribution, F5the recognised body in question, or

(b)

in the case of property subject to a market charge, the person in whose favour the charge was granted.

(2)

Where consent is given the proceedings may be commenced or continued notwithstanding any provision of the M1Insolvency Act 1986 or the M2Bankruptcy (Scotland) Act F62016.

(3)

Where by virtue of this section a person would not be entitled to enforce a judgment or order against any property, any injunction or other remedy granted with a view to facilitating the enforcement of any such judgment or order shall not extend to that property.

(4)

In the application of this section to Scotland, the reference to execution being commenced or continued includes a reference to diligence being carried out or continued, and the reference to distress being levied shall be omitted.

Annotations

Textual amendments

F1

Words in s. 180(1) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(22)(a) (with regs. 7(4), 9(1))

F2

Words in s. 180(1) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(14)(a)

F3

Words in s. 180(1) inserted (6.4.2014) by Tribunals, Courts and Enforcement Act 2007 (c. 15), s. 148, Sch. 13 para. 91 (with s. 89); S.I. 2014/768, art. 2(1)(b)

F4

Words in s. 180(1)(a) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(14)(b)

F5

Words in s. 180(1)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(22)(b) (with regs. 7(4), 9(1))

F6

Word in s. 180(2) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 6(8)

Marginal citations

M1

1986 c. 45.

M2

1985 c. 66.

Modifications

C1

S. 180 applied (15.8.1995) by S.I. 1995/2049, reg. 25(3)

Commencement

I1

S. 180 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch. (subject to certain savings in art. 3(7)).

Notes on Part VII

Modifications

C1

Pt. VII (ss. 154-191): functions of the Secretary of State transferred (7.6.1992) to the Treasury by S.I. 1992/1315, art. 2(1)(c) (with art. 6)

Pt. VII (ss. 154-191) applied (E.W.S.) (15.8.1995) by S.I. 1995/2049, reg.3; and applied (with modifications) (E.W.S.) (15.8.1995) by S.I. 1995/2049, regs.3,4,5,19, 26; and applied (with modifications) (15.7.1996) by S.I. 1996/1469, regs.3, 4, 5

C2

Pt. VII: power to apply conferred (1.12.2001) by 2000 c. 8, s. 301(1)(a); S.I. 2001/3538, art. 2(1)