COMPANIES ACT, 1925 
HOT 
270.—(1) In the winding up of a company registered in Scotland, 
the following provisions shall have effect :— 
(a) 
The winding up shall, as at the date of the commencement 
thereof, be equivalent to an arrestment in execution and 
decree of furthcoming, and to an executed or completed 
poinding, and no arrestment or poinding of the funds or 
effects of the company executed on or after the sixtieth 
day prior to that date shall be effectual, and those funds or 
effects or the proceeds of those effects if sold shall be made 
furthcoming to the liquidator: 
Provided that any arrester or poinder before that date, 
who is thus deprived of the benefit of his diligence shall have 
preference out of those funds or effects for the expense 
bona fide incurred by him in such diligence: 
'b) 
The winding up shall, as at the date aforesaid, be equivalent 
to a decree of adjudication of the heritable estates of the 
company for payment of the whole debts of the company, 
principal and interest, accumulated at the said date, subject 
to such preferable heritable rights and securities as existed 
at the said date and are valid and unchallengeable, and the 
right to poind the ground hereinafter provided: 
C 
The provisions of sections one hundred and eight to one 
hundred and thirteen and of section one hundred and six- 
teen of the Bankruptcy (Scotland) Act, 1913, shall, so far 
as is consistent with this Act, apply to the realisation of 
heritable estates affected by such heritable rights and 
securities as aforesaid; and for the purposes of this Act the 
words ‘“‘sequestration” and ‘‘trustee’’ occurring in those 
sections shall mean respectively “winding up’ and “‘liqui- 
dator,” and the expression ‘“the Lord Ordinary or the 
court” shall mean ‘the court” as defined by this Act with 
respect to Scotland: 
(d) 
No poinding of the ground which has not been carried into 
execution by sale of the effects sixty days before the date 
aforesaid shall, except to the extent hereinafter provided, 
be available in any question with the liquidator: 
Provided that no creditor who holds a security over 
the heritable estate preferable to the right of the liquidator 
shall be prevented from executing a poinding of the ground 
after the date aforesaid, but that poinding shall in competi- 
tion with the liquidator be available only for the interest on 
the debt for the current half-yearly term, and for the 
arrears of interest for one year immediately before the 
commencement of that term. 
Effect of dili- 
gence within 6o 
days of winding 
1p in case of 
Scottish com- 
pany, and in case 
Of effects in Scot- 
and of English 
company. 
(2) The provisions of this section shall, so far as relates to any 
estate or effects of the company situate in Scotland, apply in the case 
of a company registered in England as it applies in the case of a 
company registered in Scotland,