112Sale of deteriorating property

112 Sale of deteriorating property (1) A person who has responsibility for the control or management of restrained property may apply to the court that made the relevant restraining order for an order under subsection (2) that the property be sold. (2) The court that is hearing an application under subsection (1) may order that the property is to be sold if it is more likely than not that: (a) the property is or will be subject to substantial waste or loss of value if it is retained until it is dealt with under another provision of this Act; or (b) the cost of managing or protecting the property will exceed the value of the property if it is retained until it is dealt with under another provision of this Act. (3) If the Public Trustee has the control or management of property that is restrained under this Act and is not land, the Public Trustee may sell the property for and on behalf of the Territory in the circumstances mentioned in subsection (2) without obtaining a court order under that subsection if the Minister approves the sale in the circumstances. (4) Subsections (2) and (3) apply also to property where, despite that the market value of the property may not be diminishing, interest charges or the like are resulting in or are likely to result in a diminishing realisable equity in the property. (5) If restrained property is sold under an order under subsection (2) or under subsection (3) the proceeds of the sale are taken to be restrained property that is subject to the restraining order made in respect of the sold property. Criminal Property Forfeiture Act 2002 64 (6) If restrained property that is land is sold under an order under subsection (2), a copy of the order is to be lodged with the Registrar-General by the applicant for the order.