SCHEDULES
SCHEDULE 4 Forfeiture Orders
Part IV Insolvency: United Kingdom Provisions
Expenses incurred in connection with forfeiture
50
1
Where money or other property falls to be dealt with in accordance with paragraph 47(3), the relevant officer may—
a
deduct allowable forfeiture expenses from that money;
b
retain so much of that property as he considers necessary for the purpose of realising it and deducting allowable forfeiture expenses from the proceeds of realisation.
2
Where property is delivered up in pursuance of paragraph 47(3) and the relevant officer has not made provision under sub-paragraph (1) for all the allowable forfeiture expenses then—
a
a person who has incurred allowable forfeiture expenses for which provision has not been made 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 expenses incurred in relation to the forfeited property by the relevant officer,
b
means expenses incurred in relation to the forfeited property by a receiver, administrator or other person appointed by the relevant officer,
c
means expenses incurred in relation to the forfeited property by any person appointed or directed to deal with any property under paragraph 16, and
d
includes sums paid or required to be paid under paragraph 2(1)(d), 16(1)(c) or 30(1)(d).