SCHEDULES
SCHEDULE 4Forfeiture Orders
Part IVInsolvency: United Kingdom Provisions
Expenses incurred in connection with the forfeiture
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1
Where any money or other property would, apart from this paragraph, fall to be dealt with in accordance with paragraph 31(3) above, the relevant officer may—
a
deduct from that money any allowable forfeiture expenses; or
b
retain so much of that property as he considers necessary for the purpose of realising it and deducting any such expenses from the proceeds of realisation;
and paragraph 31(3) above shall apply only in relation to any balance remaining after making provision for those expenses.
2
If any money or other property is delivered up in pursuance of paragraph 31(3) above and provision has not been made for any allowable forfeiture expenses, then—
a
the person who incurred them shall have a claim to their value in the insolvency proceedings; and
b
the expenses in question shall be treated for the purposes of the insolvency proceedings as if they were expenses of those proceedings.
3
In this paragraph “allowable forfeiture expenses”—
a
means any expenses incurred in relation to property subject to the forfeiture order—
i
by the relevant officer;
ii
by any receiver, administrator or other person appointed by the relevant officer; or
iii
by any person appointed or directed to deal with any property by an order under paragraph 11(1) above; and
b
includes any amount paid, or required to be paid, under paragraph 1(1)(d), 11(1)(c) or 21(1)(d) above.