(1)This section applies to—
(a)the powers conferred on a court by sections 41 to [F32859 F328] and sections 62 to [F32967DF329] ;
(b)the powers of a receiver appointed under section 48 [F330or 50F330] .
[F331 (c)the powers conferred on appropriate officers by sections 47C to 47L;
(d)the powers conferred on senior officers by section 47G.F331]
(2)The powers—
(a)must be exercised with a view to the value for the time being of realisable property being made available (by the property’s realisation) for satisfying any confiscation order that has been or may be made against the defendant;
(b)must be exercised, in a case where a confiscation order has not been made, with a view to securing that there is no diminution in the value of realisable property;
(c)must be exercised without taking account of any obligation of the defendant or a recipient of a tainted gift if the obligation conflicts with the object of satisfying any confiscation order that has been or may be made against the defendant;
(d)may be exercised in respect of a debt owed by the Crown.
[F332 (2A)Subsection (2)(a) does not apply to—
(a)the power conferred on a court by paragraph (e) of section 51(2) (which enables the court to give a receiver the power to destroy cryptoassets),
(b)a power conferred on a receiver by virtue of that paragraph, or
(c)the power conferred on a magistrates’ court by section 67AA (power to order destruction of cryptoassets).F332]
(3)Subsection (2) has effect subject to the following rules—
(a)the powers must be exercised with a view to allowing a person other than the defendant or a recipient of a tainted gift to retain or recover the value of any interest held by him;
(b)in the case of realisable property held by a recipient of a tainted gift, the powers must be exercised with a view to realising no more than the value for the time being of the gift;
(c)in a case where a confiscation order has not been made against the defendant, property must not be sold if the court so orders under subsection (4).
(4)If on an application by the defendant, or by the recipient of a tainted gift, the court decides that property cannot be replaced it may order that it must not be sold.
(5)An order under subsection (4) may be revoked or varied.
124.Section 69 makes provision about how the Crown Court and receivers appointed under the Act are to exercise their powers. It largely re-enacts earlier legislation in that it emphasises, for example, that the satisfaction of a confiscation order takes precedence over any other obligations of the defendant or the recipient of a tainted gift from the defendant.
125.Subsections (2)(b), (3)(c), (4) and (5) are new. Where a confiscation order has not yet been made, they require the powers to be exercised with a view to maintaining the value of the amount available for confiscation. This will enable management receivers to dispose of depreciating assets. Subsection (4), however, enables the defendant or the recipient of a tainted gift to challenge the management receiver’s decision to dispose of a particular asset on the grounds that the asset is irreplaceable. The provision has regard to the fact that the defendant has not been convicted at this stage and should not, therefore, be obliged to lose irreplaceable assets. It does not apply to enforcement receivers because at the enforcement stage, any realisable property can be used to satisfy a confiscation order.