Tribunals, Courts and Enforcement Act 2007

Sale E+W

38 E+W Paragraphs 39 to 42 apply to the sale of controlled goods, except where—

(a) the controlled goods are securities, or

(b) the sale is by exchange of one currency for another.

Modifications etc. (not altering text)

C1 Sch. 12 applied (6.4.2014) by Finance Act 2008 (c. 9), ss. 127(2), 129(4); S.I. 2014/906, arts. 2, 3

Commencement Information

I1 Sch. 12 para. 38 in force at 6.4.2014 by S.I. 2014/768, art. 2(1)(b)

39 (1) The sale must not be before the end of the minimum period except with the agreement of the debtor and any co-owner. E+W

(2) Regulations must specify the minimum period.

Commencement Information

I2 Sch. 12 para. 39(1) in force at 6.4.2014 by S.I. 2014/768, art. 2(1)(b)

I3 Sch. 12 para. 39(2) in force at 15.7.2013 for specified purposes by S.I. 2013/1739, art. 3(g)(xix)

I4 Sch. 12 para. 39(2) in force at 6.4.2014 in so far as not already in force by S.I. 2014/768, art. 2(1)(b)

40 (1) Before the sale, the enforcement agent must give notice of the date, time and place of the sale to the debtor and any co-owner. E+W

(2) Regulations must state—

(a) the minimum period of notice;

(b) the form of the notice;

(c) what it must contain (besides the date, time and place of sale);

(d) how it must be given.

(3) The enforcement agent may replace a notice with a new notice, subject to any restriction in regulations.

(4) Any notice must be given within the permitted period.

(5) Unless extended the permitted period is 12 months beginning with the day on which the enforcement agent takes control of the goods.

(6) Any extension must be by agreement in writing between the creditor and debtor before the end of the period.

(7) They may extend the period more than once.

Commencement Information

I5 Sch. 12 para. 40(1) (4)-(7) in force at 6.4.2014 by S.I. 2014/768, art. 2(1)(b)

I6 Sch. 12 para. 40(2)(3) in force at 15.7.2013 for specified purposes by S.I. 2013/1739, art. 3(g)(xx)

I7 Sch. 12 para. 40(2)(3) in force at 6.4.2014 in so far as not already in force by S.I. 2014/768, art. 2(1)(b)

41 (1) The sale must be by public auction unless the court orders otherwise. E+W

(2) The court may make an order only on an application by the enforcement agent.

(3) Regulations may make provision about the types of sale the court may order.

(4) In an application for an order under sub-paragraph (2) the enforcement agent must state whether he has reason to believe that an enforcement power has become exercisable by another creditor against the debtor or a co-owner.

(5) If the enforcement agent states that he does, the court may not consider the application until notice of it has been given to the other creditor in accordance with regulations (or until the court is satisfied that an enforcement power is not exercisable by the other creditor against the debtor or a co-owner).

Commencement Information

I8 Sch. 12 para. 41(1)(2)(4) in force at 6.4.2014 by S.I. 2014/768, art. 2(1)(b)

I9 Sch. 12 para. 41(3)(5) in force at 15.7.2013 for specified purposes by S.I. 2013/1739, art. 3(g)(xxi)

I10 Sch. 12 para. 41(3)(5) in force at 6.4.2014 in so far as not already in force by S.I. 2014/768, art. 2(1)(b)

42 E+W Regulations may make further provision about the sale of controlled goods, including in particular—

(a) requirements for advertising;

(b) provision about the conduct of a sale.

Commencement Information

I11 Sch. 12 para. 42 in force at 15.7.2013 for specified purposes by S.I. 2013/1739, art. 3(g)(xxii)

I12 Sch. 12 para. 42 in force at 6.4.2014 in so far as not already in force by S.I. 2014/768, art. 2(1)(b)