Paragraph 121 Circumstances in which the right to acquire cannot be exercised
(1)
The right to acquire cannot be exercised if the tenant is obliged to give up possession of the dwelling-house in pursuance of an order of the court or will be so obliged at a date specified in the order.
(2)
The right to acquire cannot be exercised if the person, or one of the persons, to whom the right to acquire belongs—
(a)
has a bankruptcy petition pending against him,
(c)
is an undischarged bankrupt, or
(d)
has made a composition or arrangement with his creditors the terms of which remain to be fulfilled.