(1)  A person who has control or management of restrained property may apply to the Supreme Court for an order to be made under subsection (2) that the property be sold.

(2)  On hearing an application under subsection (1) , the Supreme Court may order that the property be sold if satisfied that it is more likely than not that –

(a) 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 Part; or

(b) the cost of managing, maintaining 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 Part; or

(c) despite the market value of the property not diminishing, interest charges or the like are resulting in or are likely to result in a diminishing realisable equity in the property.

(3)  The Public Trustee may sell the property for and on behalf of the State in the circumstances mentioned in subsection (2) without obtaining an order under that subsection if –

(a) the property –

(i) is subject to a wealth-restraining order; and

(ii) is not land; and

(b) the Minister approves the sale in the circumstances.

(4)  If restrained property is sold under an order under subsection (2) or under Ministerial approval under subsection (3) , the proceeds of the sale are taken to be property that is subject to the wealth-restraining order that was in effect in respect of the sold property.

(5)  If land that is restrained property is sold under an order under subsection (2)  –

(a) a sealed copy of the order is to be lodged with the Recorder by the applicant for the order; and

(b) the Recorder is to make such recordings, cancellations and corrections in the Register as he or she considers necessary to give effect to the order and to register the person who purchased the land under the order as proprietor of the land.