Tribunals, Courts and Enforcement Act 2007

50 (1) Proceeds from the exercise of an enforcement power must be used to pay the amount outstanding. E+W

(2) Proceeds are any of these—

(a) proceeds of sale or disposal of controlled goods;

(b) money taken in exercise of the power, if paragraph 37(1) does not apply to it.

(3) The amount outstanding is the sum of these—

(a) the amount of the debt which remains unpaid (or an amount that the creditor agrees to accept in full satisfaction of the debt);

(b) any amounts recoverable out of proceeds in accordance with regulations under paragraph 62 (costs).

(4) If the proceeds are less than the amount outstanding, which amounts in sub-paragraph (3)(a) and (b) must be paid, and how much of any amount, is to be determined in accordance with regulations.

(5) If the proceeds are more than the amount outstanding, the surplus must be paid to the debtor.

(6) If there is a co-owner of any of the goods, the enforcement agent must—

(a) first pay the co-owner a share of the proceeds of those goods proportionate to his interest;

(b) then deal with the rest of the proceeds under sub-paragraphs (1) to (5).

(7) Regulations may make provision for resolving disputes about what share is due under sub-paragraph (6)(a).

Commencement Information

I1 Sch. 12 para. 50(1)(2)(5)(6) in force at 6.4.2014 by S.I. 2014/768, art. 2(1)(b)

I2 Sch. 12 para. 50(3)(4)(7) in force at 15.7.2013 for specified purposes by S.I. 2013/1739, art. 3(g)(xxvi)

I3 Sch. 12 para. 50(3)(4)(7) in force at 6.4.2014 in so far as not already in force by S.I. 2014/768, art. 2(1)(b)