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Bankruptcy
Provisions as to bankruptcy of registered owner.
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103.—(1) Where a petition of bankruptcy or a petition for arrangement is presented, the registrar of the court shall furnish the Registrar with notice of the presenting of the petition and the Registrar shall thereupon cause an entry to be made in the register inhibiting, for a period of three months from the date of the petition, any dealing with any registered land or charge which appears to be affected.
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(2) Where any doubt arises as to the identity of the debtor or where the existence of a charge registered in the name of the debtor cannot readily be ascertained, the Registrar shall, as soon as possible after receiving notice of the presenting of the petition and after making such inquiries and giving such notices (if any) as he deems necessary, take such action in the matter as he thinks advisable.
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(3) Where notice of the presenting of a petition has been given under this section and—
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(a) the petition is afterwards dismissed or not proceeded with, or
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(b) the registered owner is adjudicated a bankrupt and the adjudication is afterwards annulled, or
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(c) in the case of an arrangement, if no vesting of registered land or a registered charge takes place by virtue of the arrangement,
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the registrar of the court shall furnish the Registrar with notice to that effect and the Registrar shall thereupon cancel any entry made under subsection (1).
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(4) Where registered land or a registered charge becomes by law vested in assignees or trustees for the benefit of the creditors of the registered owner, the assignees or trustees shall be entitled to be registered as owners of the land or charge or, in the case of settled land, as assignees of the registered owner. On such registration the Registrar shall cancel any entry made under subsection (1).
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