Article 20 Restitution

(1)

If the Secretary General at any time pursuant to the resolution remits an amount representing the amount of any payment into the escrow account under article 15 or 16, together with any interest which may be determined to be applicable, to the Government of the United Kingdom, the Secretary of State or the Treasury shall take such measures as may be necessary to arrange for the amount to be transferred forthwith to any relevant institution by which, or to any person by whom, an amount was remitted to the escrow account to replace any such amount.

(2)

The Secretary of State or the Treasury may apportion any amount remitted by the Secretary General as described in paragraph (1) which does not represent the total of any payments into the escrow account under article 15 or 16 as he or they consider appropriate between relevant institutions and other persons by whom amounts have been remitted.

(3)

The Secretary of State or the Treasury may pay to any person described inparagraph (4) any amount remitted by the Secretary General as described in paragraph (1) which he or they consider appropriate to transfer to a relevant institution or other person by which or by whom an amount was remitted to the escrow account, where the relevant institution or other person—

(i)

has gone into liquidation as described in section 247 of the Insolvency Act or article 6 of the Insolvency Order; or

(ii)

is the subject of an order under section 135 of the Insolvency Act or article 105 of the Insolvency Order appointing a provisional liquidator; or

(iii)

is the subject of an administration order under section 8 of the Insolvency Act or article 21 of the Insolvency Order; or

(iv)

is a partnership in England and Wales or in Northern Ireland which has been dissolved by order under section 35 of the Partnership Act 1890^f1 or has had a winding-up order made against it under any provision of the Insolvency Act as applied by an order made under section 420 of that Act or is the subject of a winding-up order made against it under any provision of the Insolvency Order as applied by an order made under Article 364 of the Insolvency Order; or is a partnership in Scotland which has had an award of sequestration on the estate of the partnership made against it or a winding-up order made against it under section 92 of the Banking Act or is a dissolved partnership, or is a partnership in Northern Ireland which has had an order of adjudication of bankruptcy made against any of the partners; or

(v)

is the subject of a bankruptcy order under section 264 of the Insolvency Act or article 238 of the Insolvency Order or has had an award of sequestration made against him under section 12 of the Bankruptcy (Scotland) Act 1985^f2; or

(vi)

has otherwise ceased to exist; or

(vii)

is incapable, by reason of mental disorder within the meaning of the Mental Health Act 1983^f3 or the Mental Health (Northern Ireland) Order 1986^f4 of managing and administering his property and affairs or, in Scotland, is incapax; or

(viii)

has died; or

(ix)

has ceased to exercise the functions by virtue of which he or it held the funds subject to a direction under articles 15(2) or 16(2); or

(x)

cannot be traced.

(4)

Where paragraph (3) applies, the Secretary of State or the Treasury may pay any relevant amount to a person who appears to him or them to be—

(a)

the person responsible for administering the assets and liabilities of the relevant institution or person; or

(b)

the person to whom probate or letters of administration have been granted by a court in England and Wales or Northern Ireland or in respect of whom they have effect as if so granted or, in Scotland, the person who has been confirmed as the executor of the estate, or who is otherwise intromitting with the estate; or

(c)

a person entitled to take out probate of the will of a deceased person or letters of administration to his estate; or

(d)

the successor of the relevant institution or person; or

(e)

the person appointed to act on behalf of the person from whom an amount was transferred pursuant to a direction under article 15(2) or article 16(2).

(5)

Where the Secretary of State or the Treasury decide that there is no person of a description in paragraph (4) he or they shall deposit the relevant amount including any interest in an interest-bearing account at the Bank and may release that amount or any part of it together with any interest accruing from the date of deposit with the Bank to any Iraqi person or any other person who establishes to the satisfaction of the Secretary of State or of the Treasury that he is entitled to receive it and the receipt of such a person shall be valid discharge to the Secretary of State or to the Treasury for the amount paid.

(6)

Where any amounts are paid to a relevant institution or to any other person by the Secretary General pursuant to the resolution, or are so paid by the Secretary of State or by the Treasury under paragraph (1), (4) or (5), they shall be treated for all purposes as subject to any rights, liabilities and claims subsisting at the date of the transfer under article 15 or 16.

(7)

An amount transferred under this article to a relevant institution or to any person shall not be subject to interest in respect of any period between the date of the transfer under article 15 or 16 and—

(a)

the date of the transfer under paragraph (1) to the relevant institution by which, or to the person by whom, an amount was remitted to the escrow account; or

(b)

the date of any payment under paragraph (4); or

(c)

the date on which an amount is deposited by the Secretary of State or the Treasury in an interest-bearing account at the Bank under paragraph (5) following a decision that there is no person of a description in paragraph (4).

Annotations

Footnotes

f1: 53 & 54 Vict. c.34.
f2: 1985 c. 66.
f3: 1983 c. 20.
f4: S.I. 1986/596 (N.I.4).