Modifications etc. (not altering text)
C1Pt. 31 power to apply (with modifications) conferred (E.W.S.) (1.12.2013) by Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c. 7), ss. 4(1)(2)(c), 8(2); S.I. 2013/2936, art. 2
C2Pt. 31 power to apply (with modifications) conferred (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), ss. 135, 154 (with Sch. 5)
C3Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))
C4Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
(1)Where the property disclaimed is held under a lease the court must not make a vesting order in favour of a person claiming under the company, whether—
(a)as sub-lessee, or
(b)as creditor in a duly registered or (as the case may be) recorded heritable security over a lease,
except on the following terms.
(2)The person must by the order be made subject—
(a)to the same liabilities and obligations as those to which the company was subject under the lease in respect of the property, or
(b)if the court thinks fit, only to the same liabilities and obligations as if the lease had been assigned to him.
In either event (if the case so requires) the liabilities and obligations must be as if the lease had comprised only the property comprised in the vesting order.
(3)A sub-lessee or creditor declining to accept a vesting order on such terms is excluded from all interest in and security over the property.
(4)If there is no person claiming under the company who is willing to accept an order on such terms, the court has power to vest the company's estate and interest in the property in any person liable (either personally or in a representative character, and either alone or jointly with the company) to perform the lessee's obligations under the lease.
(5)The court may vest that estate and interest in such a person freed and discharged from all interests, rights and obligations created by the company in the lease or in relation to the lease.
(6)For the purposes of this section a heritable security—
(a)is duly recorded if it is recorded in the Register of Sasines, and
(b)is duly registered if registered in accordance with the [F1Land Registration etc. (Scotland) Act 2012 (asp 5)].
Textual Amendments
F1Words in s. 1022(6)(b) substituted (S.) (8.12.2014) by Land Registration etc. (Scotland) Act 2012 (asp 5), ss. 122, 123, sch. 5 para. 50(4) (with s. 121, sch. 4 paras. 13, 16); S.S.I. 2014/127, art. 2
Modifications etc. (not altering text)
C5Ss. 1012-1023 applied (with modifications) by Building Societies Act 1986 (c. 53), Sch. 15 para. 57(1)(3) (as substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 87(11)(b) (with art. 10))
C6Ss. 1012-1023 applied by Friendly Societies Act 1992 (c. 40), Sch. 10 para. 68(1) (as substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 133(7)(b)(i) (with art. 10))
C7Ss. 1020-1022 applied (with modifications) (1.10.2009) by The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 (S.I. 2009/1804), regs. 2, 54 (with Sch. 1 paras. 22, 34, 35)
C8Ss. 1012-1023 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 180(10) (with reg. 189)