s.33Inadequacy of available amount: discharge of order
33
Section 33Part 2 — The Financial Reporting Authority

Inadequacy of available amount: discharge of order

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

Where —
a court has made a co nfiscation order,
the Clerk of the Court applies to the court for the discharge of the order; and
the amount remaining to be paid under the order is less than one thousand dollars, the court shall calculate the available amount, and in doing so it shall apply section 18 as if references to the time the confiscation order is made were to the time of the calculation and as if references to the date of the confiscation order were to the date of the calculation.
Where the court —
finds that the available amount calculated in accordance with subsection (1) is inadequate to meet the amount remaining to be paid; and
is satisfied that the inadequacy is due wholly to a specified reason or a combination of specified reasons, it may discharge the confiscation order.
The specified reasons referred to in subsection (2) are —
in a case where any of the realisable p roperty consists of money in a currency other than Cayman Islands dollars, that fluctuations in currency exchange rates have occurred; and
any reason specified by the Cabinet by order.
The Cabinet may by order vary the amount for the time being spe cified in subsection (1)(c).

Referenced By