Regulation 18 Application of proceeds of sale
The proceeds of sale of any property sold by an authorised person under regulation 15 or 17 shall be applied towards meeting expenses incurred by the authorised person in exercising his functions under these Regulations and, in so far as they are not so applied, in meeting any claim to the proceeds of sale made and established in accordance with paragraph (2).
A claim to the proceeds of sale of any property shall be established if the claimant provides the authorised person with satisfactory evidence that he would have been entitled to the return of the property under regulation 14 or 16 if the property had not been sold.
Where the conditions specified in paragraph (4) are fulfilled, there shall be payable to him by the authorised person a sum calculated in accordance with paragraph (5).
The conditions are that—
the person claiming satisfies the authorised person that he was the owner of the property at the time it was disposed of; and
the claim is made before the end of the period of one year beginning with the date on which the property was disposed of.
The sum payable under paragraph (2) shall be calculated by deducting from the proceeds of sale the expenses incurred by the authorised person in exercising his functions under these Regulations, including the detention, removal, storage and disposal of the property.