Section 53Part 2 — The Financial Reporting Authority
Application of proceeds of enforcement
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Such o f —
the proceeds of the enforcement of any charge imposed under section 11 of the prior Law;
the proceeds of the realisation, other than by the enforcement of such a charge, of any property under section 52 ; or
any other sums, being property held by the defendant, as may be in the hands of the Official Receiver appointed under this Act after such payments, if any, as the court may direct have been made out of those sums, shall be applied on the defendant ’ s behalf towards the satisfaction of the confiscation order.
If, after the amount payable under the confiscation order has been fully paid, any sums remain in the hands of the Official Receiver, the Official Receiver shall distribute them among such of those persons who held property which has been realised under this Act and in such proportions as the court may direct after giving a reasonable opportunity for such persons to make representations to the court.
The receipt of any sum by the Accountant General on account of an amount payable under a confiscation order shall reduce the amount so payable, but that person shall apply the money received for such of the purposes specified in this section as may be specified in the confiscation order and in the order so specified.
Where the money was paid to the Accountant General by the Official Receiver under this Act or in pursuan ce of a charging order, the Accountant General shall first pay the Official Receiver ’ s expenses.
The Accountant General shall finally pay any compensation directed to be paid out of any sums recovered under the confiscation order under section 33 .
Any money remaining in the hands of the Accountant General after that person has made all payments r equired by subsections (1) to (5) shall be treated as if it were a fine imposed by the court.
Where, under subsection (3), a sum falls to be applied in payment both of compensation and of other outgoings —
the person entitled to the compensation shall be liable to pay to the revenues of the Islands such an amount as bears to the remuneration or expenses the same proportion as the amount payable in accordance with the direction under secti on 33 bears to the total amount payable under the confiscation order;
the Accountant General shall deduct from the amount falling to be applied in payment of the compensation an amount equal to the amount of any liability arising by virtue of paragraph (a);
notwithstanding the deduction under paragraph (b), the person entitled to the compensation shall be treated as having received the whole amount which f alls to be applied in payment of it; and
the amount deducted shall be treated as if it were a fine imposed by the court.