Powers of Supreme Court
70 Powers of Supreme Court
If a person (the offender) is convicted of an offence under section 68 (1) in respect of the incurring of a debt, the Supreme Court, on the application of—
the Secretary, or
the person to whom the debt is payable (the creditor),
may declare that the offender is personally responsible, without any limitation of liability, for payment to the creditor of the amount of the debt or such part of it as the Court thinks fit.
If a person (the offender) is convicted of an offence under section 69, the Supreme Court, on the application of—
the Secretary, or
the appropriate officer, or
a member or creditor of the association authorised by the Secretary to make such an application,
may declare that the offender is personally responsible, without any limitation of liability, for payment to the association of the amount required to satisfy so much of the debts of the association as the Court thinks fit.
If the Supreme Court makes a declaration under subsection (1), it may make such further orders as it thinks fit for the purpose of giving effect to that declaration.
In particular, the Supreme Court may order that the offender’s liability is a charge on—
a debt or obligation due from the association to the creditor, or
a right or interest under a charge on any property of the association held by or vested in the offender or a person on behalf of the offender, or a person claiming as assignee from or through the offender or a person acting on behalf of the offender.
The Supreme Court may, from time to time, make such further order as it thinks fit for the purpose of enforcing a charge imposed under subsection (4).
For the purpose of subsection (4) (b), assignee includes a person to whom or in whose favour, by the direction of the offender—
the debt, obligation or charge was created, issued or transferred, or
the interest was created,
but does not include an assignee for valuable consideration given in good faith and without actual knowledge of any of the matters on which the conviction or declaration was made.
This Act’s bill:Explanatory memorandumSecond reading speech
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