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Paragraph 3 Transitional and savings provisions

Original text. Later amendments are not shown.

(1)

This Schedule does not apply in relation to any case in which a bankruptcy order was made in relation to an insolvent estate before this Schedule came into force, and where this Schedule does not apply the law in force immediately before this Schedule came into force continues to have effect.

(2)

Where bankruptcy proceedings, commenced under the provisions of the law in force immediately before this Schedule came into force, were pending in relation to an insolvent estate immediately before this Schedule came into force, either—

(a)

those proceedings shall be continued, after the coming into force of this Schedule, in accordance with the provisions of this Schedule; or

(b)

if the court so directs, they shall be continued under the provisions of the law in force immediately before this Schedule came into force.

(3)

For the purpose of sub-paragraph (2) above, winding-up or bankruptcy proceedings are pending if a statutory demand has been served or a bankruptcy petition has been presented.