Section 43: Restriction of right of creditor under execution or attachment

(1) Where a creditor has issued execution against the property of a debtor or has attached any debt due to him, he shall not be entitled to retain the benefit of the execution or attachment against the trustee in bankruptcy of the debtor unless he has completed the execution or attachment before the date of the receiving order and before notice of the presentation of any bankruptcy petition by or against the debtor, or of the commission of any available act of bankruptcy by the debtor.
(2) For the purposes of this Act, an execution shall be deemed to be completed-
(a) in the case of movable property in the possession of the debtor or of negotiable instruments or of money, by receipt or recovery by the judgment creditor of the full amount of the levy, after due compliance by the bailiff with the provisions of section 44 of this Act;
(b) in the case of movable property to which the debtor is entitled subject to a lien or right of some person to the immediate possession thereof, by attachment by prohibitory order and sale;
(c) in the case of lands, houses or other immovable property or any interest therein, either at law or in equity, by attachment by prohibitory order and due registration thereof in the appropriate land registry;
(d) in the case of an attachment of a debt not being a negotiable instrument, by receipt of the debt;
(e) in the case of shares in any public company or corporation, by attachment by prohibitory order;
(f) in the case of property in the custody or under the control of any public officer in his official capacity or in custodia legis, by attachment by prohibitory order duly obtained and served; and
(g) in the case of any equitable interest in lands, houses or other immovable property, by the appointment of a receiver or manager.
(3) An execution completed as aforesaid is not invalid by reason only of its being an act of bankruptcy, and a person who purchases the goods in good faith under a sale by the bailiff shall in all cases acquire a good title to them against the trustee in bankruptcy.