(1) Where a creditor has issued execution against the goods or lands of a company or has attached any debt due to the company, and the company is subsequently wound up, he or she shall not be entitled to retain the benefit of the execution or attachment against the liquidator in the winding-up of the company unless he or she has completed the execution or attachment before the commencement of the winding-up but—
(a) where any creditor has had notice of a meeting having been called at which a resolution for voluntary winding-up is to be proposed, the date on which the creditor so had notice shall for the purposes of the foregoing provision be substituted for the date of the commencement of the winding-up;
(b) a person who purchases in good faith under a sale by a bailiff any goods of a company on which an execution has been levied shall in all cases acquire a good title to them against the liquidator; and
(c) the rights conferred by this subsection on the liquidator 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 section—
(a) an execution against goods shall be taken to be completed by seizure and sale;
(b) an attachment of a debt is deemed to be completed by receipt of the debt; and
(c) an execution against land is deemed to be completed from the date of the order for sale or by seizure as the case may be, and, in the case of an equitable interest, by the appointment of a receiver.