Part Two – Commencement of Insolvency Proceedings. Assets Involved and Parties to the Proceedings
Chapter Two – Insolvency Estate. Classification of Creditors
Section 50 – Separate Satisfaction of Pledgees
(1) In accordance with the provisions of sections 166 to 173, creditors who have a contractual lien, a lien acquired through levy of attachment or a statutory lien on an asset in the insolvency estate are entitled to separate satisfaction from the pledged asset in respect of their principal claim, interest and costs.
(2) The statutory lien of a landlord or lessor cannot be claimed in insolvency proceedings in respect of rent covering a period earlier than the last twelve months prior to commencement of the insolvency proceedings, or in respect of damages payable as a consequence of the termination of the lease by the insolvency administrator. The lien of the lessor of an agricultural property is not subject to this restriction in respect of rent.