Paragraph 30 Application of proceeds of realisation and other sums

(1)

The following sums in the hands of a receiver appointed under section 26 or 29 of this Act or in pursuance of a charging order, that is—

(a)

the proceeds of the enforcement of any charge imposed under section 27 of this Act,

(b)

the proceeds of the realisation, other than by the enforcement of such a charge, of any property under section 26 or 29 of this Act, and

(c)

any other sums, being property held by the defendant,

shall be paid to the High Court and, subject to subsection (2) below, applied for the purposes specified in subsections (5) to (7) below, and in the order so specified.

(2)

Before any such sums are so applied they shall be applied—

(a)

first, in payment of such expenses incurred by a person acting as an insolvency practitioner as are payable under section 35(3) of this Act; and

(b)

second, in making such payments (if any) as the High Court may direct.

(3)

Where a fixed amount is payable under the external confiscation order and, after that amount has been fully paid, any such sums remain in the hands of such a receiver as is mentioned in subsection (1) above, the receiver shall distribute those sums—

(a)

among such of those who held property which has been realised under this Act, and

(b)

in such proportions,

as the High Court may direct after giving a reasonable opportunity for such persons to make representations to the court.

(5)

Any sums paid to the High Court under subsection (1) above or under an order made under section 29(1A) of this Act or otherwise in satisfaction of an external confiscation order shall be first applied to pay any expenses incurred by a person acting as an insolvency practitioner and payable under section 35(3) of this Act but not already paid under subsection (2) above.

(6)

If the money was paid to the High Court by a receiver appointed under section 26 or 29 of this Act or in pursuance of a charging order, the receiver’s remuneration and expenses shall next be paid.

(7)

After there has been made—

(a)

any payment required by subsection (5) above, and

(b)

in a case to which subsection (6) above applies, any payment required by that subsection,

any amount paid under section 36(2) of this Act shall be reimbursed.

(8)

Any sum remaining after all the payments required to be made under the foregoing provisions of this section have been made shall be paid into the Consolidated Fund.