—(1) Subject to subsection (2), during the period beginning with the effective date of a debt repayment scheme applicable to a debtor and ending with the date on which the scheme ceases under section 56K(1) —
no creditor to whom the debtor is indebted in respect of any debt provable under the scheme shall have any remedy against the person or property of the debtor in respect of that debt; and
no action or proceedings shall be proceeded with or commenced against the debtor in respect of that debt,
except by leave of the court and in accordance with such terms as the court may impose.
(2) Subsection (1) shall not affect the right of any secured creditor to realise or otherwise deal with his security in the same manner as he would have been entitled to realise or deal with it if that subsection had not been enacted.
(3) Where the creditor of a debtor (to whom a debt repayment scheme applies) has issued execution against the goods or lands of the debtor, or has attached any debt due or property belonging to the debtor, the creditor shall not be entitled to retain the benefit of the execution or attachment against the debtor unless the creditor has completed the execution or attachment before the effective date of the scheme, except that —
a person who purchases in good faith under a sale by the Sheriff any goods of the debtor on which an execution has been levied shall in all cases acquire a good title to them against the debtor; and
the rights conferred by this subsection on the debtor 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.
(4) For the purposes of subsection (3) —
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 debtor in the land described therein.