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F E Smith
F E Smith, Advocate
Category: Law
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Experience:  I have been practising for 30 years.
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I have just had my Court order through and I need to define

Resolved Question:

I have just had my Court order through and I need to define what the following paragraph means in plain Speak! If I give up the asset is it then deemed to be the full value as determined by the judge regardless of what it sells for?
17. In default of payment of the whole of the said lump sum by 4 PM , the classic car collection, the Aston Martin, the helicopter shall be sold forthwith on the open market.
The respondent shall by 4 PM 19 July deliver up to the applicant at an address nominated by her, the classic car collection, the Aston Martin, the helicopter together with all documents relating to the same such as log books, V5s, MOT Certificates and any documents of title.
Each said asset shall be sold for such price as may be agreed between the parties or in default of such agreement as determined by the court.
The applicant shall have the conduct of the sale.
The asset shall be offered for sale by such agent as shall be agreed between the parties or in default of such agreement as nominated by the court. To the extent that the lump sum remains unsatisfied the net proceeds of sale of the said asset shall be paid to the applicant , towards satisfaction of the same.
It is recorded that upon sale of each said asset referred to in this paragraph, the applicant shall give credit as against the unsatisfied lump sum , for no less a sum than that at which each asset was attributed a value by the court as recorded hereinbefore.
Submitted: 6 months ago.
Category: Law
Expert:  F E Smith replied 6 months ago.

A chunk of money is to be paid to the applicant by the respondent. If that’s not paid by 4 PM on 19 July the respondent has to pass all the assets of the applicant sells them on the market.

The sale price has to be agreed by the parties and if they can’t agree, it’s back to court for the court to decide the issue.

The same applies to the choice of selling agent.

All the assets keep being sold until the chunk of money is paid in full.

The last sentence is somewhat convoluted. It is to stop the applicant selling the assets for 1 pound. Credit would be given against the amount of the chunk of money at the value attributed by the court regardless of what it sold for.

It seems rather odd provision when earlier in the judgement it says that each asset be sold for such prices may be agreed between the parties or in default the amount determined by the court.

Can I clarify anything for you?

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Best wishes.

FES.

F E Smith, Advocate
Category: Law
Satisfied Customers: 8721
Experience: I have been practising for 30 years.
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