[2012] EWHC 2737 (QB)

In the context of civil recovery proceedings, the proper interpretation of the Proceeds of Crime Act 2002 s.314(4) was that "executed consideration" was indivisible, and therefore all of the mutual, contractual promises between parties had to be performed for consideration to be "executed" under s.314(4). On that basis, since parties involved in the sale and purchase of three aircraft had not performed all of their contractual promises, including that the full purchase price for the aircraft had not been paid, consideration remained "unexecuted" under s.314(4), and therefore the money already paid was recoverable under s.308.

QBD (Griffith Williams J)

10/10/2012