Article 48D Proceeds of realisationF1

(1)

This article applies to sums which—

(a)

are in the hands of an appropriate officer; and

(b)

are the proceeds of the realisation of property under article 48A.

(2)

The sums must be applied as follows—

(a)

first, they must be applied in payment of such expenses incurred by a person acting as an insolvency practitioner as are payable under this paragraph by virtue of article 3;

(b)

second, they must be applied in making any payments directed by the magistrates’ court or the Crown Court;

(c)

third, they must be paid to the relevant Director on account of the amount payable under the external order.

(3)

If the amount payable under the external order has been fully paid and any sums remain in the appropriate officer’s hands, the appropriate officer must distribute them—

(a)

among such persons who held (or hold) interests in the property represented by the proceeds as the magistrates’ court or the Crown Court directs; and

(b)

in such proportions as it directs.

(4)

Before making a direction under paragraph (3) the court must give persons who held (or hold) interests in the property a reasonable opportunity to make representations to it.

(5)

If the magistrates’ court has made a direction under paragraph (2)(b) or (3) in respect of the proceeds of realisation of any property, the Crown Court may not make a direction under either of those provisions in respect of the proceeds of realisation of that property; and vice versa.

Annotations

Textual amendments

F1: Ch. 3A inserted (30.11.2015) by The Proceeds of Crime Act 2002 (External Requests and Orders) (Amendment) Order 2015 (S.I. 2015/1750), arts. 1(2), 17