| (b) |
the values at that time of all affected gifts made by the defendant, |
less the sum of all obligations (if any) of the defendant having priority and which the court may recognise for this purpose.
| (2) |
Notwithstanding the provisions of section 5(1) but subject to the provisions of section 6(2), the value of an affected gift at the time of the making of the relevant confiscation order shall be— |
| (a) |
the value of the affected gift at the time when the recipient received it, as adjusted to take into account subsequent fluctuations in the value of money; or |
| (b) |
where subsection (3) applies, the value mentioned in that subsection, |
whichever is the greater value.
| (3) |
If at the time of the making of the relevant confiscation order the recipient holds— |
| (a) |
the property, other than cash, which he or she received, the value concerned shall be the value of the property at that time; or |
| (b) |
the property, or any part thereof, which directly or indirectly represents in his or her hands the property which he or she received, the value concerned shall be the value of the property, in so far as it represents the property which he or she received, at the time. |
| (4) |
For the purposes of subsection (1), an obligation has priority at the time of the making of the relevant confiscation order— |
| (a) |
if it is an obligation of the defendant, where he or she has been convicted by a court of any offence— |
| (i) |
to pay a fine imposed before that time by the court; or |
| (ii) |
to pay any other amount under any resultant order made before that time by the court; |
| (b) |
if it is an obligation which— |
| (i) |
if the estate of the defendant had at that time been sequestrated; or |
| (ii) |
where the defendant is a company or other juristic person, if such company or juristic person is at that time being wound up, |
would be payable in pursuance of any secured or preferent claim against the insolvent estate or against such company or juristic person, as the case may be.
| (5) |
A court shall not determine the amounts which might be realised as contemplated in subsection (1) unless it has afforded all persons holding any interest in the property concerned an opportunity to make representations to it in connection with the realisation of that property. |
Gas Regulator Levies Act, 2002
