Deteriorating frozen property, sale of
94 Deteriorating frozen property, sale of
A person who has responsibility for the control or management of frozen property may apply to the court for an order under subsection (2).
The court may order that the property is to be sold if it is more likely than not that —
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
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.
If the Public Trustee has the control or management of frozen property under this Act, the Public Trustee may sell the property in the circumstances referred to in subsection (2), without obtaining an order under that subsection, if —
the Public Trustee gives adequate notice of the proposed sale to the owner of the property; and
the owner does not file an objection to the sale in the court that made the freezing order.
When frozen property is sold under an order under subsection (1), or under subsection (2), the net proceeds of the sale are taken to be frozen property that is subject to the freezing notice or freezing order made in respect of the sold property.
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