Page 429 - IOM Law Society Rules Book

132 Financial Services Act 2008 c.8

(3) The court may, under this subsection, order the person
concerned to pay into court, or appoint a receiver to recover from
that person, such sum as appears to the court to be just having
regard —

(a) in a case within subsection (2)(a), to the profits
appearing to the court to have accrued;

(b) in a case within subsection (2)(b), to the extent of the
loss or other adverse effect; or

(c) in a case within both paragraphs (a) and (b) of subsection
(2), to the profits and to the extent of the loss or other
adverse effect.

(4) Any amount paid into court by or recovered from a
person in pursuance of an order under subsection (3) shall be paid
out to such person or distributed among such persons as the court
may direct, being a person or persons appearing to the court to
have entered into transactions with that person as a result of which
the profits mentioned in subsection (2)(a) have accrued to that
person or the loss or adverse effect mentioned in subsection (2)(b)
has been suffered.

(5) On an application under subsection (2) the court may
require the person concerned to furnish it with such accounts or
other information as it may require for establishing whether any
and, if so, what profits have accrued to that person as mentioned
in subsection (2)(a) and for determining how any amounts are to
be paid or distributed under subsection (4); and the court may
require any such amounts or other information to be verified in
such manner as it may direct.

(6) Nothing in this section affects the right of any person
other than the Commission to bring proceedings in respect of the
matters to which this section applies.

Appointment 21. (1) The Commission may present a petition to the High
of receiver Court for the appointment of a receiver under section 42 of the
[c.12] High Court Act 1991 in respect of the affairs, business and property
of a permitted person.

(2) If the High Court is satisfied that —

(a) the appointment is in the public interest;

(b) the appointment is necessary to protect the interests of
customers, creditors or others who have or have had
dealings with the permitted person; or