SCHEDULES

SCHEDULE 1Sale of Transporters

Application of proceeds of sale

5

1

Any proceeds of sale arising from a sale under section 37 or 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 or 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 [1982 c. 16.] Civil 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.