Valid from 15/07/2013
Modifications etc. (not altering text)
C1Sch. 12 applied (prosp.) by Finance Act 2008 (c. 9), ss. 127(2), 129(4)
Valid from 06/04/2014
38E+WParagraphs 39 to 42 apply to the sale of controlled goods, except where—
(a)the controlled goods are securities, or
(b)the sale is by exchange of one currency for another.
39(1)The sale must not be before the end of the minimum period except with the agreement of the debtor and any co-owner.E+W
(2)Regulations must specify the minimum period.
40(1)Before the sale, the enforcement agent must give notice of the date, time and place of the sale to the debtor and any co-owner.E+W
(2)Regulations must state—
(a)the minimum period of notice;
(b)the form of the notice;
(c)what it must contain (besides the date, time and place of sale);
(d)how it must be given.
(3)The enforcement agent may replace a notice with a new notice, subject to any restriction in regulations.
(4)Any notice must be given within the permitted period.
(5)Unless extended the permitted period is 12 months beginning with the day on which the enforcement agent takes control of the goods.
(6)Any extension must be by agreement in writing between the creditor and debtor before the end of the period.
(7)They may extend the period more than once.
41(1)The sale must be by public auction unless the court orders otherwise.E+W
(2)The court may make an order only on an application by the enforcement agent.
(3)Regulations may make provision about the types of sale the court may order.
(4)In an application for an order under sub-paragraph (2) the enforcement agent must state whether he has reason to believe that an enforcement power has become exercisable by another creditor against the debtor or a co-owner.
(5)If the enforcement agent states that he does, the court may not consider the application until notice of it has been given to the other creditor in accordance with regulations (or until the court is satisfied that an enforcement power is not exercisable by the other creditor against the debtor or a co-owner).
42E+WRegulations may make further provision about the sale of controlled goods, including in particular—
(a)requirements for advertising;
(b)provision about the conduct of a sale.