(1)If, on an application by the defendant in respect of a confiscation order, the High Court is satisfied that the realisable property is inadequate for the payment of any amount remaining to be recovered under the order the court shall issue a certificate to that effect, giving the court’s reasons.
(2)For the purposes of subsection (1) above—
(a)in the case of realisable property held by a person who has been adjudged bankrupt or whose estate has been sequestrated the court shall take into account the extent to which any property held by him may be distributed among creditors; and
(b)the court may disregard any inadequacy in the realisable property which appears to the court to be attributable wholly or partly to anything done by the defendant for the purpose of preserving any property held by a person to whom the defendant had directly or indirectly made a gift caught by this Part of this Act from any risk of realisation under this Part of this Act.
(3)Where a certificate has been issued under subsection (1) above, the defendant may apply—
(a)where the confiscation order was made by the Crown Court, to that court; and
(b)where the confiscation order was made by a magistrates' court, to a magistrates' court for the same area,
for the amount to be recovered under the order to be reduced.
(4)The Crown Court shall, on an application under subsection (3) above—
(a)substitute for the amount to be recovered under the order such lesser amount as the court thinks just in all the circumstances of the case; and
(b)substitute for the term of imprisonment or of detention fixed under subsection (2) of section 31 of the [1973 c. 62.] Powers of Criminal Courts Act 1973 in respect of the amount to be recovered under the order a shorter term determined in accordance with that section in respect of the lesser amount.
(5)A magistrates' court shall, on an application under subsection (3) above, substitute for the amount to be recovered under the order such lesser amount as the court thinks just in all the circumstances of the case.