Listed Assets
The term ‘listed assets’ includes precious metals, precious stones, watches, artistic works, face-value vouchers and postage stamps. The Secretary of State is empowered to amend this list.
Search and Seizure
The search and seizure provisions relating to listed assets closely mirror the search and seizure provisions in Chapter 2 of PoCA 2002.
Relevant officers may search premises, vehicles and persons if they have reasonable grounds to suspect the presence of listed assets. Thereafter, relevant officers may seize items if they have reasonable grounds to suspect they are listed assets, are recoverable property (i.e. property obtained through unlawful conduct) or intended for use in unlawful conduct and are worth more than £1,000, whether individually or in aggregate.
Detention and Release
Listed assets that have been seized may be detained to facilitate investigation and/or prosecution. Detention is possible for an initial period of 6 hours and for a further period of 42 hours subject to authorisation by a senior officer. The Magistrates’ Court can order detention beyond 48 hours, in six-monthly periods, subject to an upper limit of 2 years.
Forfeiture
Applications for forfeiture can be made to the Magistrates’ Court during the period of detention. The Magistrates’ Court will order forfeiture of listed assets, or part thereof, if satisfied that all or part represents recoverable property or is intended for use in unlawful conduct.
Associated and joint property
Specific protections are afforded to third parties (i.e. holders of associated and/or joint property interests).
The Magistrates’ Court can, as an alternative to ordering forfeiture, order payment to be made to third parties and can order vesting, creation, severing and extinguishing of rights to give effect to its order; however, the applicant for forfeiture must agree the value of any payment including any reduction for losses sustained as a result of detention. If the Magistrates’ Court proceeds in this way, the listed asset is regarded as having been forfeited. If agreement is not possible and the value of the associated and joint property exceeds £10,000, the matter must be transferred to the High Court.
Appealing a listed asset forfeiture order
There is a right of appeal to the Crown Court. Any appeal must be made within 30 days of the relevant order or decision. If the Court upholds an appeal against a forfeiture order it may order release of all or part of the property.
Realisation of listed assets
Listed assets subject to a forfeiture order must be realised or arrangements made for realisation in order to maximise the value recovered; however, such arrangements must not be made before the end of the 30 day appeal period or determination of any appeal made within the 30 day period.
Legal expenses
A forfeiture order in relation to listed assets can include provision for reasonable legal expenses if the applicant agrees or the court assesses the amount allowed. Please consult our specialist lawyers in relation to funding options.
Application of proceeds
Proceeds are first applied to any payment due to third parties in relation to associated and joint property, then to legal expenses, then to reasonable storage and insurance costs, with the balance being paid into the consolidated fund.
Compensation
If an application for forfeiture of listed assets is unsuccessful or only partially successful and the circumstances are exceptional then it might be possible for a respondent to seek compensation for losses sustained during the seizure and detention of the listed assets. The amount of any compensation will be an amount the Court considers reasonable. Third parties are eligible to receive compensation if the circumstances are exceptional.
How our expert litigators can help
We can deploy a multi-disciplinary team of expert lawyers to seek release of listed assets, oppose forfeiture applications, appeal forfeiture orders, protect and advance third party interests and to pursue compensation.
We benefit from a wealth of in-house expertise and experience in civil recovery proceedings and enjoy enduring relationships with leading consultants, including specialist PoCA barristers, forensic accountants and other industry experts.
Free Initial Discussion
If your assets have been seized and detained (in whole or in part), are the subject of a forfeiture application or have been forfeited, you should contact us as soon as possible. We can guide you in seeking relief.
Contact our lawyers by calling us on 0203 987 0222 or complete our enquiry form and one of our team will call you back. We can assist you wherever you are based.
