5(1)Any proceeds of sale arising from a sale under section 37 [F1or 42] must be applied—U.K.
(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 [F2or 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 M1Civil 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.
Textual Amendments
F1Words in Sch. 1 para. 5(1) repealed (8.12.2002 for specified purposes, 13.2.2023 for specified purposes) by Nationality, Immigration and Asylum Act 2002 (c. 41), s. 162(1), Sch. 8 para. 16(4), Sch. 9 (with s. 159); S.I. 2002/2811, art. 2, Sch. (with art. 4), S.I. 2023/32, art. 2(1)(b)(2)
F2Words in Sch. 1 para. 5(2)(d) repealed (8.12.2002 for specified purposes, 13.2.2023 for specified purposes) by Nationality, Immigration and Asylum Act 2002 (c. 41), s. 162(1), Sch. 8 para. 16(5), Sch. 9 (with s. 159); S.I. 2002/2811, art. 2, Sch. (with art. 4), S.I. 2023/32, art. 2(1)(b)(2)
Marginal Citations