F4Vesting of estate in trustee

Annotations:
Amendments (Textual)
F4

Cross-heading preceding s. 31 substituted (1.4.2008) by virtue of Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 36, 227(3), Sch. 1 para. 30(6) (with s. 223); S.S.I. 2008/115, art. 3(1)(i) (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))

31AF5 Property subject to restraint order

1

This section applies where—

a

property is excluded from the debtor’s estate by virtue of section 420(2)(a) of the Proceeds of Crime Act 2002 (property subject to a restraint order),

b

an order under section 50, F1. . . 128 F2or 198 of that Act has not been made in respect of the property, and

c

the restraint order is discharged.

2

On the discharge of the restraint order the property vests in the F3. . . trustee as part of the debtor’s estate.

3

But subsection (2) does not apply to the proceeds of property realised by a management receiver under section 49(2)(d) or 197(2)(d) of that Act (realisation of property to meet receiver’s remuneration and expenses).