The Proceeds of Crime Act 2002 (External Requests and Orders) Order 2005

Management receivers: discharge

129.—(1) This article applies if—

(a) a receiver stands appointed under article 101 in respect of property which is identified in the restraint order (the management receiver), and

(b) the court appoints a receiver under article 113 or makes an order for the appointment of a receiver under article 116.

(2) The court must order the management receiver to transfer to the other receiver all property held by the management receiver by virtue of the powers conferred on him by article 102.

(3) But in a case where the court makes an order under article 116 its order under paragraph (2) does not take effect until the order under article 116 takes effect.

(4) Paragraph (2) does not apply to property which the management receiver holds by virtue of the exercise by him of his power under article 102(2)(d).

(5) If the management receiver complies with an order under paragraph (2) he is discharged—

(a) from his appointment under article 101;

(b) from any obligation under this Order arising from his appointment.

(6) If this article applies the court may make such a consequential or incidental order as it believes is appropriate.