SCHEDULES
C1C2SCHEDULE 1 Sale of Transporters
Sch. 1: power to apply (with modifications) or amend conferred (prosp.) by Nationality, Immigration and Asylum Act 2002 (c. 41), ss. 124(6)(7), 162(1) (with s. 159)
Application of proceeds of sale
5
1
Any proceeds of sale arising from a sale under section 37 F1or 42 must be applied—
a
in making prescribed payments; and
b
in accordance with such provision as to priority of payments as may be prescribed.
2
The regulations may, in particular, provide for proceeds of sale to be applied in payment—
a
of customs or excise duty,
b
of value added tax,
c
of expenses incurred by the Secretary of State,
d
of any penalty F2or charge which the court has found to be due,
e
in the case of the sale of an aircraft, of charges due as a result of regulations made under section 73 of the M1Civil Aviation Act 1982,
f
of any surplus to or among the person or persons whose interests in the transporter have been divested as a result of the sale,
but not necessarily in that order of priority.
S. 37 (and Sch. 1) applied (with modifications) (7.2.2001 for certain purposes and otherwise 1.3.2001) by S.I. 2001/280, arts. 1-4 (with art. 5)