Forfeiture Definition

GLOSSARY

What does Forfeiture mean?

Forfeiture is the lost right to possession.

There are many statutory powers of forfeiture. For example, under s 298 of the Proceeds of Crime Act 2002 a court may order the forfeiture of cash if it is satisfied that the cash is recoverable property (as that term is defined) or it is intended by any person for use in unlawful conduct.

Corporate Crime

Forfeiture is the lost right to possession.

Pensions

Term describing termination or suspension of all or part of the benefits payable under a scheme. Forfeiture can take place in limited circumstances set out in sections 91–94 of the Pensions Act 1995.

Most occupational pension schemes, and an increasing number of personal pension plans, include forfeiture clauses, also known as spendthrift clauses or protective trusts. If a member becomes bankrupt, his rights are forfeited and the money goes to the trustees who look after it until he is discharged from bankruptcy – when the trustees can give it back. Forfeiture clauses should be distinguished from set-off or lien clauses (which are sometimes called forfeiture clauses) where a member loses pension

View the related checklists about Forfeiture

Sentencing Guidelines for Corporate offenders—Money laundering checklist

Sentencing Guidelines for Corporate offenders—Money laundering checklist This Checklist summarises the Sentencing Council’s guidelines for money laundering offences committed by a corporate (Money Laundering Guidelines). The Money Laundering Guidelines can be accessed here: • Magistrates’ Court Sentencing Guideline—Corporate offenders: fraud, bribery and money laundering—for use in cases involving corporates being sentenced in the magistrates’ court • Crown Court Sentencing Guideline—Corporate offenders: fraud, bribery and money laundering—for use in cases involving corporates being sentenced in the Crown Court The Sentencing Council also publishes a number of overarching guidelines, which should be considered in respect of all sentencing exercises. These include: • Totality guideline (Crown Court) • Totality guideline (magistrates’ court) • General guideline—overarching principles (Crown Court) • General guideline—overarching principles (magistrates’ court) • Reduction in sentence for a guilty plea (Crown Court) • Reduction in sentence for a guilty plea (magistrates’ court) For more information, see Practice Note: Sentences imposed following conviction. Among these overarching guidelines, the General guideline: overarching principles (the General guideline) is specifically designed...

Cash searches—checklist

Cash searches—checklist Code of Practice The search powers covered in this Checklist are subject to the Recovery of cash: search powers, code of practice under section 292. Cash search powers A police, immigration, customs, Serious Fraud Office (SFO) officer or an accredited financial investigator (the relevant officer) may only exercise the power to search where the following criteria are met: Premises • the relevant officer must already have lawful authority to be present on the premises either under another statutory power or by invitation • the relevant officer must have reasonable grounds to suspect that cash is on the premises that is either recoverable property or is intended for use in unlawful conduct, see Practice Note: Cash searches under the Proceeds of Crime Act 2002 • the relevant officer must have reasonable grounds to suspect that the amount of cash is greater than the statutory minimum amount of £1,000 Vehicles • it must appear to the relevant officer that the vehicle is under the control of a person (ie the...

Surrender and forfeiture of pension benefits

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES ONLYThis Practice Note considers the extent to which accrued pension rights under registered occupational pension schemes can be surrendered or forfeited.The general rule against surrender—the inalienability ruleUnder section 91(1) of the Pensions Act 1995 (PA 1995), a person’s entitlement in respect of accrued benefit rights under a registered occupational pension scheme cannot be assigned, commuted, surrendered or charged, and no lien or set-off can be exercised in respect of it. Furthermore, any agreement to effect any such thing is unenforceable. This rule is known as the inalienability rule.In circumstances where the inalienability rule applies, section 91(2) provides that no order can be made by any court that would restrain an individual from receiving their occupational pension; however, under section 91(4), this does not prevent the making of attachment of earnings orders (under the Attachment of earnings Act 1971) or income payment orders (pursuant to the Insolvency Act 1986) in respect of income derived from a pension scheme.Note that there is no equivalent...

Forfeiture of property following conviction

The power of the court to order the forfeiture of property under the Sentencing Act 2020The Sentencing Act 2020 (SA 2020), also known as the Sentencing Code, is the principal source of the court's power to order the forfeiture of property connected with the commission of a criminal offence. The order is known as a 'deprivation order' and can be made by the Crown Court or a magistrates' court in respect of any offence.The procedure to be followed by the courts when making such orders is detailed in Practice Note: Restitution and deprivation orders.Other statutory powers of forfeiture Various statutes grant the courts the power to order the forfeiture of items following conviction for certain offences should the court consider it appropriate to do so. Practitioners should always check the individual statutory provision creating the offence on which they are advising in order to identify whether provision is made for the forfeiture of property in respect of the offence that it creates.Examples of some of the most common statutes containing...

Discover our 537 Practice Notes on Forfeiture

Part 26A restructuring plan for SMEs

Part 26A restructuring plan for SMEs IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES COMPANIES LIST (CHD) IN THE MATTER OF [insert name of the Company] AND IN THE MATTER OF THE COMPANIES ACT 2006 BETWEEN [insert name of the Company] and THE PLAN CREDITORS [AND MEMBERS] (as defined herein) RESTRUCTURING PLAN (under Part 26A of the Companies Act 2006) DATED [insert date] RECITALS The Company (A) [Insert name of the Company] is a [private] limited company, incorporated in [England and Wales] with company number [insert company number] and office at [insert address] (the Company) Purpose of the Restructuring Plan (B) The purpose of this Restructuring Plan is to affect a compromise and arrangement between: [(i)] the Company and the Plan Creditors; [and (ii) the Company and the Members], in order to eliminate, reduce or prevent, or mitigate the effect of financial difficulties encountered [or likely to be encountered] by the Company that are affecting, or will...

Underlease of whole by way of reference to the terms of the head lease

Underlease of whole by way of reference to the terms of the head lease HM Land Registry Prescribed Clauses LR1. Date of the lease [date] LR2. Title Number[s] LR2.1 Landlord's title number[s] [title numbers out of which this underlease is granted (but leave blank if the Landlord’s title is unregistered)]LR2.2 Other title numbers [existing title number(s) against which entries of matters referred to in LR9, LR10, LR11 and LR13 are to be made] LR3. Parties to this lease Landlord [[OPTION 1 — name of Landlord (not an overseas entity)] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address]OR[OPTION 2 — name of Landlord (overseas entity)] [incorporated OR formed] in [territory of incorporation/formation] (registration number [number]) [and registered at Companies House (company registration number BR[number])] (overseas entity ID [[number] OR not required]) whose registered office is at [address]] Tenant [[OPTION 1 — name of Tenant (not an overseas entity)] [of OR incorporated in...

Dive into our 117 Precedents related to Forfeiture

Could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause?

Could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause? This Q&A examines liquidated damages and penalty clauses in the context of the following example scenario: The NHS pays a dental practice a set amount per year for the treatments it provides. If the practice doesn't meet its target, it must pay the shortfall to the NHS. Under the relevant dental consultancy agreement, dentists have an annual treatment target and get paid for each treatment performed. If the contract is terminated early, there is a clause which provides that the practice may require the consultant to pay back any shortfall in their pro-rated treatment target, to the extent that the shortfall has not been performed by any other consultant as at the date of termination. The question is, could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause? Contractual liquidated damages clauses (a clause where the...

A liquidator has disclaimed a commercial lease following the tenant going into voluntary creditors’ liquidation. The notice of disclaimer has been issued by the liquidator and served on the relevant parties. Can the landlord take immediate possession of the premises by peaceful re-entry or does the landlord have to wait 14 days to see if any interested party applies for a vesting order before taking possession?

A liquidator has disclaimed a commercial lease following the tenant going into voluntary creditors’ liquidation. The notice of disclaimer has been issued by the liquidator and served on the relevant parties. Can the landlord take immediate possession of the premises by peaceful re-entry or does the landlord have to wait 14 days to see if any interested party applies for a vesting order before taking possession? Disclaimer is an entirely statutory procedure which is governed by the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. In the case of liquidation, the relevant provisions are found in IA 1986, ss 178–182 and in IR 2016, SI 2016/1024, rr 19.1–19.11. Disclaimer is effected by the liquidator authenticating and dating a notice of disclaimer. Within seven business days of dating of the notice of disclaimer, the liquidator must then deliver or serve copies of the authenticated and dated notice of disclaimer to all persons who to the liquidator’s knowledge are persons interested as described...

See the 492 Q&As about Forfeiture

Public Law weekly highlights—12 December 2024

This week's edition of Public Law weekly highlights includes coverage of the Northern Ireland Assembly's historic vote to give democratic consent to the continued application of articles 5 to 10 of the Windsor Framework for the next four years, and the Cabinet Office’s new and updated guidance for the Procurement Act 2023. Additionally, these highlights cover the recruitment exercise for the UK judge on the European Court of Human Rights, a speech on judicial review by Mr Justice Fordham, and the DBT’s subsidy control assessment guides for public authorities. This edition further includes Brexit hightlights, Brexit SIs, Post-Brexit transition guidance, Constitutional and administrative law, Equality and human rights, Information law and Other Public law news.

Corporate Crime weekly highlights—12 December 2024

This week's edition of Corporate Crime weekly highlights includes analysis of the SFO’s call for compensation for whistleblowers in economic crime cases to aid their investigations. Also included is news of updated guidances from the FCDO and OFSI to reflect changes to OFSI enforcement powers, of the CMA consulting on draft consumer protection enforcement and unfair commercial practices guidances, of Spotlight on Corruption’s analysis of the NCA’s first Unexplained Wealth Order obtained last summer and of the SFO securing an additional 13-month prison sentence against already imprisoned Dr Gerald Martin Smith for obstructing the confiscation of his assets. All this, and more, in this week’s Corporate Crime highlights.

Read the latest 1120 News articles on Forfeiture

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Case studies

"In some areas of research there were also significant time savings. You get to what you are looking for more quickly, which all goes to the value of the product."

Harper Mcleod

Access all documents on Forfeiture

GET ACCESS NOW

Top

Trial

��˾��ҹ��

GLOSSARY