SCHEDULES

SCHEDULE 4Consequential amendments

Part 2Amendments of other Acts

118Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3)

1

Subsection (1) is amended as follows.

2

For the words from “section 3” to “1967” substitute “section 62 (floating charges created by Scottish societies) of the Co-operative and Community Benefit Societies Act 2014”.

3

For the words from “3 Application to registered society” to the end substitute—

62Floating charges: Scotland

1

Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3) (“the 2007 Act”) applies to a registered society as it applies to an incorporated company.

2

Subsection (3) applies where any assets of a registered society are subject to—

a

a floating charge created under Part 2 of the 2007 Act (as applied by this section), and

b

an agricultural charge created under Part 2 of the Agricultural Credits (Scotland) Act 1929.

3

For the purposes of determining the relative ranking of those charges, the following provisions of the 2007 Act apply as if the agricultural charge were a floating charge created under Part 2 of that Act on the date of creation of the agricultural charge—

  • section 40(1) to (3) (including as subject to section 41(1) to (4)),

  • section 45(3)(c).