Financial Intermediaries Act 1996
sec.220Powers of Supreme Court
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sec.220 Powers of Supreme Court
If a person has been convicted of an offence under section 219 , the Supreme Court, on the application of the registrar or a prescribed person, may declare that the person is personally responsible without any limitation of liability— for a conviction under section 219 (1) —for the payment to the society of an amount equal to the whole of the debt to which the conviction relates or the part of the debt the Supreme Court considers appropriate; and for a conviction under section 219 (2) —for the payment to the society of the amount required to satisfy all or any of the society’s debts as the court considers appropriate. For a society to which a conviction mentioned in subsection (1) relates, the prescribed persons under the subsection are— the appropriate officer; and a creditor of the society authorised by the registrar to make an application under subsection (1) . If the Supreme Court makes a declaration under subsection (1) about a person, it may— give further directions it considers appropriate to give effect to the declaration and, in particular, may order that the liability of the person under the declaration is a charge on— a debt or obligation due from the society to the person; or any charge or any interest in any charge on any of the society’s assets held by or vested in the person or a corporation or person on the person’s behalf or a person claiming as assignee from or through the person liable or a corporation or person acting on the person’s behalf; or from time to time make any further order necessary to enforce a charge imposed under this subsection. This section has effect despite the fact that the person concerned is criminally liable for the matters on the ground on which the declaration is made. On the hearing of an application under subsection (1) , the appropriate officer or other applicant may give evidence or call witnesses. In subsection (3) — assignee includes a person to whom or in whose favour, by the direction of the person liable, the debt, obligation, or charge was created, issued or transferred or the interest created, but does not include an assignee for valuable consideration (other than consideration by way of marriage) given in good faith and without notice of any of the matters on which the conviction or declaration was made. s 220 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.220-ssec.1) If a person has been convicted of an offence under section 219 , the Supreme Court, on the application of the registrar or a prescribed person, may declare that the person is personally responsible without any limitation of liability— for a conviction under section 219 (1) —for the payment to the society of an amount equal to the whole of the debt to which the conviction relates or the part of the debt the Supreme Court considers appropriate; and for a conviction under section 219 (2) —for the payment to the society of the amount required to satisfy all or any of the society’s debts as the court considers appropriate. (sec.220-ssec.2) For a society to which a conviction mentioned in subsection (1) relates, the prescribed persons under the subsection are— the appropriate officer; and a creditor of the society authorised by the registrar to make an application under subsection (1) . (sec.220-ssec.3) If the Supreme Court makes a declaration under subsection (1) about a person, it may— give further directions it considers appropriate to give effect to the declaration and, in particular, may order that the liability of the person under the declaration is a charge on— a debt or obligation due from the society to the person; or any charge or any interest in any charge on any of the society’s assets held by or vested in the person or a corporation or person on the person’s behalf or a person claiming as assignee from or through the person liable or a corporation or person acting on the person’s behalf; or from time to time make any further order necessary to enforce a charge imposed under this subsection. (sec.220-ssec.4) This section has effect despite the fact that the person concerned is criminally liable for the matters on the ground on which the declaration is made. (sec.220-ssec.5) On the hearing of an application under subsection (1) , the appropriate officer or other applicant may give evidence or call witnesses. (sec.220-ssec.6) In subsection (3) — assignee includes a person to whom or in whose favour, by the direction of the person liable, the debt, obligation, or charge was created, issued or transferred or the interest created, but does not include an assignee for valuable consideration (other than consideration by way of marriage) given in good faith and without notice of any of the matters on which the conviction or declaration was made.