(1) Where, in the case of property to which a property freezing order or a receiving order has at any time applied, the Court does not in the course of the proceedings decide that the property is recoverable property or associated property, the owner of the property may make an application to the Court for a compensation order.
(2) Subsection (1) does not apply if the Court—
(a) has made a declaration in respect of the property under section 23FF; or
(b) makes an order to stay the proceedings under section 23DD.
(3) Where the Court has made a decision by reason of which no recovery order could be made in respect of the property, the application for compensation shall be made within the period of 3 months beginning with the date of the decision or, if any application is made for leave to appeal, with the date on which the application is withdrawn or refused or, if the application is granted, on which any proceedings on appeal are finally concluded.
(4) Where proceedings in respect of property have been discontinued, the application for compensation shall be made within the period of 3 months beginning with the date of the discontinuance.
(5) Where the Court is satisfied that the owner of the property has suffered loss as a result of the property freezing order or the receiving order, the Court may require the Attorney General to pay compensation to the owner of the property.
(6) Where, subject to section 23Z, a right operates in favour of, or becomes exercisable by a person, he or she may make an application to the Court for compensation.
(7) An application for compensation under subsection (6) must be made within the period of 3 months of the date on which the property is vested.
(8) Where the Court is satisfied that the right under section 23Z cannot subsequently operate in favour of the applicant or, become exercisable by him or her, the Court may require the Attorney General to pay compensation to the owner of the property.
(9) The amount of compensation to be paid under this section is the amount the Court thinks reasonable, having regard to the loss suffered and any other relevant circumstances.
(Inserted by Act 18 of 2023)