Section 101Part 2 — The Financial Reporting Authority
Associated and joint property: default of agreement
←→ Navigate · Click subsection badges to collapse · Press ? for help
Where there is no agreement under section 100 and the court thinks it is equitable and just to do so it may make a recovery order which provides —
for the associated property to vest in the trustee for civil recovery or, as the case may be, for the excepted joint owner ’ s interest to be exti nguished; or
in the case of an excepted joint owner, for the severance of that person’s interest.
A recovery order making any provision by virtue of subsection (1)
may provide — ( a ) for the trustee to pay an amount to the person who holds the associated property or who is an excepted joint owner; or
for the creation of interests in favour of that person, or the imposition of liabilities or conditions, in relation to the property vested in the trustee, or for both.
In making any provision in a recovery order by virtue of subsection (1) or (2), the court shall have regard to —
the rights of any person who holds the associated property or who is an excepted joint owner and the value to that person of that property or, as the cas e may be, of that person’s share (including any value which cannot be assessed in terms of money); and
the interest of the Director of Public Prosecutions in receiving the realised proceeds of the recoverable property.
Where —
an interim receiv ing order applied at any time to the associated property or joint tenancy; and
the court is satisfied that the person who holds the associated property or who is an excepted joint owner has suffered loss as a result of the interim receiving order, a re covery order making any provision by virtue of subsection (1) or (2) may require the Director of Public Prosecutions to pay compensation to that person.
The amount of compensation to be paid under subsection (4) is the amount the court thinks reasonabl e, having regard to the person ’ s loss and to any other relevant circumstances.