realisable property meaning

Appointment of Receivers The Crown Court may, on the prosecutor’s application, appoint a receiver over a defendant’s realisable property where a confiscation order remains unsatisfied and is not under appeal. The court may grant the receiver the following powers in respect of that realisable property: power to take possession of the property power to manage or otherwise deal with the property, after hearing representations from those holding it power to realise the property, in such manner as the court directs, after hearing representations from those holding it power to commence, continue or defend any legal proceedings concerning the property Where the defendant’s realisable interest in the property is in dispute, it is not required that the property be shown to be the defendant’s proven realisable property (see eg Re Smith)...

Robert Tantular v AG [2020] JCA234 What are the practical implications of this case? A saisie operates as a freezing mechanism that the Attorney General may seek in a variety of circumstances, including when acting for the government of a country or territory outside Jersey while an external confiscation order is awaiting registration. The authority to grant a saisie stems from Articles 15 and 16 of the Proceeds of Crime (Jersey) Law 1999, as adapted by the Proceeds of Crime (Enforcement of Confiscation Orders) (Jersey) Regulations 2008 (the “Modified Law”). Under Article 16(4)(b) of the Modified Law, the court may restrain any specified person from dealing with any realisable property that they hold, whether or not the assets are described in the order. The issue on appeal mirrored the question at first instance—namely, whether the phrase ‘realisable property’ in Article 16(4)(b) extends to assets located outside Jersey. The Jersey Court of Appeal upheld the Royal Court’s decision in In the matter of the Saisies Judiciaires of Robert Tantular [2020]...

When a confiscation order is issued against a defendant who holds realisable assets, the duty rests on them to liquidate those assets within the period specified by the order; however, at this juncture it is also possible to appoint an enforcement receiver (see: Enforcement receivers in confiscation—checklist). The Proceeds of Crime Act 2002 (POCA 2002) does not prescribe a bespoke penalty for non-payment; rather, POCA 2002, s 35 treats any sum outstanding under a confiscation order as if it were a fine imposed by the Crown Court, which is then enforceable in the magistrates’ court. Broadly speaking, the recovery of fines is governed by the fine enforcement provisions in the Sentencing Act 2020 (SA 2020) and by Part III of the Magistrates’ Courts Act 1980 (MCA 1980). Pursuant to POCA 2002, s 35, the Crown Court may set a term of imprisonment to be served in default of payment, within the applicable maximum. In this way, the statutory framework ensures that an offender stands to gain nothing by refusing or...

Matrimonial assets and confiscation A confiscation order operates in personam against the defendant, yet its calculation reflects the benefit derived from crime and takes account of their realisable property, concealed holdings and assets and any tainted gifts. For further detail and context, see Practice Note: Determining the recoverable amount (benefit and available amount) under POCA 2002. Accordingly, it may encompass lawfully acquired assets or those wholly untainted by the offender’s criminality, even in situations where civil recovery of that property, under Part 5 of the Proceeds of Crime Act 2002 (POCA 2002), would be unavailable in law. See also Practice Note: Civil recovery orders under the Proceeds of Crime Act 2002. Where a person is married, there will typically be property commonly regarded as ‘assets of the marriage’ and, if the marriage unfortunately breaks down, such assets may become the subject of formal financial provision proceedings, through which matrimonial property can be divided and fairly shared between the parties in accordance with family law principles. The principles governing...