—(1) Where the creditor of a bankrupt has issued execution against the goods or lands of the bankrupt or has attached any debt due or property belonging to him, the creditor shall not be entitled to retain the benefit of the execution or attachment against the Official Assignee unless he has completed the execution or attachment before the date of the bankruptcy order, except that —
a person who purchases in good faith under a sale by the Sheriff any goods of a bankrupt on which an execution has been levied shall in all cases acquire a good title to them against the Official Assignee; and
the rights conferred by this subsection on the Official Assignee may be set aside by the court in favour of the creditor to such extent and subject to such terms as the court may think fit.
(2) For the purposes of this Act —
an execution against goods is completed by seizure and sale;
an attachment of a debt is completed by receipt of the debt; and
an execution against land or any interest therein is completed by registering under any written law relating to the registration of land a writ of seizure and sale attaching the interest of the bankrupt in the land described therein.