This section re-enacts existing law. Section 331 of the 1857 Act provides that a judgment creditor who registers an affidavit of his judgment in accordance with the Judgment Mortgage (Ireland) Act, 1850 shall not by reason of such registration be entitled to any priority or preference over simple contract creditors in the event of the bankruptcy of a person against whom the judgment is registered unless the affidavit is registered at least three months before the filing of the petition of bankruptcy. In other words, the person who registers the judgment mortgage will have preference over an ordinary creditor only where the registration takes place at least three months before the bankruptcy. Section 284 (2) of the Companies Act, 1963 applies this bankruptcy in the winding up of insolvent companies. The existing position in bankruptcy and company law is retained. Subsection (1) repeats the position so far as bankruptcy law is concerned except that the date of adjudication is substituted for the date of the petition. Subsection (2) applies the provisions of subsection (1) for the winding up of insolvent companies and consequentially section 284 (2) of the Companies Act is repealed in the Second Schedule of the Bill.
SECTION 51.
Questions proposed: "That section 51 stand part of the Bill."
Question put and agreed to.