https://www.taxtmi.com/caselaws?id=288114 Attachment alone was treated as prohibitory and insufficient to create a charge or lien, but once the garnishee paid the attached debt into court in execution, the decree-holder acquired a protected execution interest in the realised money and was entitled to preference over the Official Liquidator. The later winding-up order did not displace that accrued right or force the decree-holder into scheme-based debenture treatment. A sanctioned scheme of arrangement was held not to survive as controlling the matter where winding up had intervened and the scheme was no longer workable, so the amount already in court remained available to satisfy the decree-holder. en-us Tue, 06 Nov 1973 00:00:00 +0530 Wed, 20 May 2020 18:38:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288114 Attachment alone was treated as prohibitory and insufficient to create a charge or lien, but once the garnishee paid the attached debt into court in execution, the decree-holder acquired a protected execution interest in the realised money and was entitled to preference over the Official Liquidator. The later winding-up order did not displace that accrued right or force the decree-holder into scheme-based debenture treatment. A sanctioned scheme of arrangement was held not to survive as controlling the matter where winding up had intervened and the scheme was no longer workable, so the amount already in court remained available to satisfy the decree-holder. Case-Laws Companies Law Tue, 06 Nov 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288114