Report No. 26
53. Duties of court executing decree or order as to property.-Where execution of a decree or order has issued against any property of a debtor which is saleable in execution, and before the sale thereof notice is given to the court executing the decree or order that an insolvency petition by or against the debtor has been admitted, the court executing the decree or order shall, on application by any person direct that-
(a) pending disposal of the proceedings on the insolvency petition the sale shall be stayed; and
(b) if the debtor is adjudicated insolvent, the property, if in the possession of the court, shall be delivered to the Official Assignee;
but the costs of the execution shall be a first charge on the property so delivered, and the Official Assignee may sell the property or an adequate part thereof for the purpose of satisfying the charge.
[Section 52, P.A.] [Cf. section 54, P.T.A., section 41, English Act.]