892. Effect of restoration to the register where property has vested as bona vacantia
Past version: effective from 14/06/2015 - 13/06/2015
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(1) The person in whom any property or right is vested by section 876 (property of a dissolved company) may dispose of, or of an interest in, that property or right despite the fact that the company may be restored to the register under this Chapter.
(2) If the company is restored to the register—
(a) the restoration does not affect the disposition (but without prejudice to its effect in relation to any other property or right previously vested in or held on trust for the company), and
(b) the Board shall pay to the company an amount equal to—
(i) the amount of any consideration received for the property or right or, as the case may be, the interest in it, or
(ii) the value of any such consideration at the time of the disposition,
or, if no consideration was received an amount equal to the value of the property, right or interest disposed of, as at the date of the disposition.
(3) There may be deducted from the amount payable under subsection (2)(b) the reasonable costs of the Board in connection with the disposition (to the extent that they have not been paid as a condition of administrative restoration or pursuant to a Court order for restoration).