15(1)The Bankruptcy (Scotland) Act 1985 is amended as follows.
(2)In section 5(4) (meaning of “qualified creditor”) for the words from “has the meaning” to “1995” substitute “ means a confiscation order under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 ”.
(3)In section 7(1) (meaning of “apparent insolvency”) for the words from “has the meaning assigned” where second occurring to “said Act of 1994” where second occurring substitute “ “confiscation order” and “restraint order” mean a confiscation order or a restraint order made under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 ”.
(4)After section 31 (vesting of estate at date of sequestration) insert—
(1)This section applies where—
(a)property is excluded from the debtor’s estate by virtue of section 420(2)(a) of the Proceeds of Crime Act 2002 (property subject to a restraint order),
(b)an order under section 50, 52, 128, 198 or 200 of that Act has not been made in respect of the property, and
(c)the restraint order is discharged.
(2)On the discharge of the restraint order the property vests in the permanent trustee as part of the debtor’s estate.
(3)But subsection (2) does not apply to the proceeds of property realised by a management receiver under section 49(2)(d) or 197(2)(d) of that Act (realisation of property to meet receiver’s remuneration and expenses).
(1)This section applies where—
(a)property is excluded from the debtor’s estate by virtue of section 420(2)(b), (c) or (d) of the Proceeds of Crime Act 2002 (property in respect of which an order for the appointment of a receiver or administrator under certain provisions of that Act is in force), and
(b)a confiscation order is made under section 6, 92 or 156 of that Act,
(c)the amount payable under the confiscation order is fully paid, and
(d)any of the property remains in the hands of the receiver or administrator (as the case may be).
(2)The property vests in the permanent trustee as part of the debtor’s estate.
(1)This section applies where—
(a)property is excluded from the debtor’s estate by virtue of section 420(2)(a), (b), (c) or (d) of the Proceeds of Crime Act 2002 (property in respect of which a restraint order or an order for the appointment of a receiver or administrator under that Act is in force),
(b)a confiscation order is made under section 6, 92 or 156 of that Act, and
(c)the confiscation order is discharged under section 30, 114 or 180 of that Act (as the case may be) or quashed under that Act or in pursuance of any enactment relating to appeals against conviction or sentence.
(2)Any property in the hands of a receiver appointed under Part 2 or 4 of that Act or an administrator appointed under Part 3 of that Act vests in the permanent trustee as part of the debtor’s estate.
(3)But subsection (2) does not apply to the proceeds of property realised by a management receiver under section 49(2)(d) or 197(2)(d) of that Act (realisation of property to meet receiver’s remuneration and expenses).”
(5)In section 55 (effect of discharge) after subsection (3) insert—
“(4)In subsection (2)(a) above the reference to a fine or other penalty due to the Crown includes a reference to a confiscation order made under Part 2, 3 or 4 of the Proceeds of Crime Act 2002.”.
Commencement Information
I1Sch. 11 para. 15 in force at 24.3.2003 for specified purposes by S.I. 2003/333, art. 2, Sch. (with arts. 10-13)
I2Sch. 11 para. 15 in force at 24.3.2003 in so far as not already in force by S.S.I. 2003/210, art. 2(1)(b)(2), sch. (with art. 7)