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).