PROCEEDS OF CRIME ACT 1987 - SECT 34E Determinations by Official Trustee about suspended and distributable funds
PROCEEDS OF CRIME ACT 1987 - SECT 34E
Determinations by Official Trustee about suspended and distributable funds(1) The Official Trustee may, at such times as it considers appropriate, but must, at least once in every 6 months, determine whether the amount of suspended funds standing to the credit of the Confiscated Assets Special Account :
(a) is likely to be insufficient to meet the payments to be made out of the suspended funds for the purposes of paragraph 34C(1)(a); or
(b) is likely to exceed the amount required to meet those payments.
(2) Where the Official Trustee determines that the amount of suspended funds is likely to be insufficient to meet the payments to be made out of the suspended funds for the purposes of paragraph 34C(1)(a), the Official Trustee must declare that such an amount of the distributable funds as the Official Trustee identifies, being not more than the amount required to meet those payments, is to be identified as suspended funds.
(3) Where the Official Trustee determines that the amount of
suspended funds is likely to exceed the amount required to meet those
payments, the Official Trustee must declare that such an amount of the
suspended funds as the Official Trustee identifies, being not more than the
amount of the likely excess, is to be identified as distributable funds.