R v Modjiri [2010] EWCA Crim 829, [2010] All ER (D) 146 (Apr)
While s 79(3) of the Proceeds of Crime Act 2002 was concerned with the valuation of property, it was not concerned with its realisation. It did not require the court to assume that a beneficial interest had to be sold separately as such.
The court had to proceed on the basis that the defendant could obtain an order under the Trusts of Land and Appointment of Trustees Act 1996 for the sale of the property as a whole, and that he would on sale receive his due proportion of the proceeds of sale. It followed that no discount suggested by the defendant in the instant case fell to be applied.
The possibility that the defendant would not obtain an order for sale of the property as a whole did not affect or diminish its market value, although the costs of obtaining the order might be relevant.
A property did not have a market value of nil because a beneficial owner might not readily be able to obtain an order for its sale in
