| (1) | For the purposes of section 35(1)(b) or 38(3)(a), the amount which might be realized at the time of the making of a confiscation order against a defendant shall be an amount equal to— |
| (i) | the values at that time of all realizable property held by the defendant; and |
| (ii) | the values at that time of all affected gifts made by the defendant; |
less
| (b) | if there are obligations having priority at that time, the sum of all amounts payable in pursuance of such obligations. |
| (2) | Notwithstanding the provisions of section 32(1) but subject to the provisions of section 33(2) , the value of an affected gift at the time of the making of the relevant confiscation order shall be— |
| (a) | the value of the affected gift at the time when the recipient received it as adjusted to take into account subsequent fluctuations in the value of money; or |
| (b) | where subsection (3) applies, the value mentioned in that subsection, |
whichever is the greater value.
| (3) | If at the time of the making of the relevant confiscation order the recipient holds— |
| (a) | the property, other than cash, which he received, the value in question shall be the value of the property at that time; or |
| (b) | property, or any part thereof, which directly or indirectly represents in his hands the property which he received, the value in question shall be the value of the property, in so far as it represents the property which he received, at that time. |
| (4) | For the purposes of subsection (1), an obligation has priority at the time in question— |
| (a) | if it is an obligation of the defendant, where he has been convicted by a court of any offence— |
| (i) | to pay a fine imposed before that time by the court; or |
| (ii) | to pay any other amount under any resultant order made before that time by the court; |
| (b) | if it is an obligation which— |
| (i) | if the estate of the defendant had at that time been sequestrated; |
| (ii) | where the defendant is a company or other juristic person, if such company or juristic person is at that time being wound up, |
would be payable in pursuance of any secured or preferent claim against the insolvent estate or against such company or juristic person, as the case may be.
