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12.—(1) An application under Part IV or V of this Order may be made by a trustee qualified under Articles 14 or 16 or by a beneficiary so qualified. An application by a trustee shall, however, be entertained by the Commission only in so far as the benefical interest in the property or in the claim to which the application relates was, at the material times, owned by a British national.
(2) If an application under this Order is made by a trustee and by a beneficiary in relation to the same claim, and both the trustee and the beneficiary are qualified to make the application under this Order, the Commission may entertain the application made by the trustee in preference to that made by the beneficiary, or entertain the application made by the beneficiary in preference to that made by the trustee. The Commission shall dismiss the application by the trustee or by the beneficiary, as the case may be, which it has decided not to entertain.
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