Section 52Part 2 — The Financial Reporting Authority
Management receivership and enforcement receivership
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The court, upon the application of the Director of Publ ic Prosecutions, may order a management receivership (to be performed by the Official Receiver) in respect of any realisable property to which a restraint order applies or an enforcement receivership (also to be performed by the Official Receiver) in respe ct of realisable property, if the confiscation order was made, is not satisfied and is not subject to appeal.
The court may empower the Official Receiver —
to take possession of the property;
to manage or otherwise deal with the property;
t o start, carry on or defend any legal proceedings in respect of the property;
to realise so much of the property as is necessary to meet the receiver ’ s remuneration and expenses; or
in the case of an enforcement receiver to realise the property in such manner as the court may specify.
The court may by order confer on the receiver power to enter any premises in the Islands and to do any of the following —
search for or inspect anything authorised by the court;
make or obtain a copy, photo graph or other record of anything so authorised; and
remove anything which the receiver is required or authorised to take possession of in pursuance of an order of the court.
The court may by order authorise the receiver to do any of the following for the purpose of the exercise of that person’s functions —
hold property;
enter into contracts;
sue and be sued;
employ agents;
execute powers of attorney, deeds or other instruments; or
take any other steps the court thinks appropriate.
The court may order any person who has possession of realisable property to which a restraint order applies to give possession of it to the receiver.
The court —
may order a person holding an interest in realisable property to whic h the restraint order applies to make to the receiver such payment as the court specifies in respect of a beneficial interest held by the defendant or the recipient of a tainted gift; or
may, on the payment being made, by order transfer, grant or extin guish any interest in the property.
Subsections (2), (5) and (6) do not apply to property for the time being subject to a charge under section 11 of the prior Law.
The court shall not —
confer the power mentioned in subsection (2)
or (d) in respect of property, or ( b ) exercise the power conferred on it by subsection (6) in respect of property, unless it gives persons holding interests in the property a reasonable opportunity to make representations to the court.
The court may order that a power conferred by an order under this section is subject to such conditions and exceptions as it specifies.
Managing or otherwise dealing with property includes —
selling the property or any part of it or interest in it,
carrying on or arran ging for another person to carry on any trade or business the assets of which are or are part of the property; and
incurring capital expenditure in respect of the property. Application of sums