The following Corporate Crime practice note provides comprehensive and up to date legal information covering:
A defendant, prosecutor, or an appointed receiver can apply to the Crown Court to reduce the amount of a confiscation order, if the available amount with which to pay the order is inadequate. The court must then make a fresh calculation of the available amount as of that date. If the court agrees that the available amount is inadequate, it can substitute a smaller amount that the court considers just.
In exercising its discretion to vary a confiscation order downwards, the court must apply the provisions relevant to determining the available amount as if references to the time the confiscation order is made were references to the time of the calculation and as if the reference to the date of the confiscation were references to the date of the calculation.
The court must have regard to the creditors of a wound up company or a bankrupt's estate but may disregard any inadequacy caused by the defendant's attempts to frustrate the order in terms of making it more difficult to recover property held by the recipients of tainted gifts.
The court cannot apply the assumptions under the POCA 2002, s 10 to assets received or expenditure made after the date of conviction. For further information, see Practice Note: Confiscation step 2: Has the defendant
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