Section 28: Powers of Asset Manager

28. Powers of Asset Manager (1) An Asset Manager may do anything which he considers reasonably necessary or appropriate to preserve the property to which the Restriction Order applies and its value, and may, in particular— (a) realise or otherwise deal with the property if it is perishable subject to wasting or other form of loss, its value is volatile or the cost of its storage or maintenance is likely to exceed its value; (b) where the property comprises assets of a trade or business— (i) carry on, or arrange for another to carry on, the trade or business; (ii) employ persons in the trade or business or terminate their employment; and (iii) with a Judge’s approval, sell, liquidate or wind up the trade or business if it is not a viable or going concern or it is otherwise commercially advantageous to do so; (c) with a Judge’s approval, incur any necessary capital expenditure in respect of the property; (d) where the property includes shares in a company, exercise rights attaching to the shares as if he were the registered holder of the shares; (e) ensure that the property is insured; or (f) become a party to any civil proceedings that affect the property. A23A – 19 [Issue 5] Asset Recovery Act (2) A Judge may make such order relating to the fees and expenditure of an Asset Manager as he thinks fit, including an order for the payment of the fees and expenditure— (a) where a Recovery Order is made, from the forfeited property; or (b) where no Recovery Order is made, by the State. (3) A Restriction Order may, subject to subsection (4), make such provision as the Judge thinks fit for— (a) reasonable living expenses of a person holding an interest in property subject of a Restriction Order; and (b) reasonable legal expenses of such a person in connection with any proceedings instituted against him under this Act or any related criminal proceedings. (4) The Judge shall not make provision for any expenses under subsection (3) unless he is satisfied that the person cannot meet the expenses concerned out of his property which is not the subject of the Restriction Order and he determines that it is in the interests of justice to do so.