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(6) Subject to subsection (10), if at the material time the recipient holds—
(a) the property which he received (not being cash); or
(b) property which, in whole or in part, directly or indirectly represents in his
hands the property which he received,
the value referred to in subsection (5)(b) is the value to him at the material time of the property mentioned in paragraph (a) or, as the case may be, of the property mentioned in paragraph (b) so far as it so represents the property which he received, but disregarding in either case any charging order.
(7) For the purposes of subsection (3), an obligation has priority at any time if it is an obligation of the defendant to-
(a) pay an amount due in respect of a fine, or other order of a court, imposed or made on conviction of an offence, where the fine was imposed or order made before the confiscation order; or
(b)
pay any sum which, if the defendant had been adjudged bankrupt or was being wound up, would be among the preferential debts.
(8) In subsection (7)(b) "the preferential debts"—
(a) in relation to bankruptcy, means the debts to be paid in priority under section 38 of the Bankruptcy Ordinance (Cap. 6) (assuming the date of the confiscation order to be the date of filing of the petition and of the receiving order made under that Ordinance); and
(b)
in relation to winding up, means the debts to be paid under section 265 of the Companies Ordinance (Cap. 32) (assuming the date of the confiscation order to be the date of commencement of the winding up and the relevant date for the purpose of that section).
(9) A gift (including a gift made before the commencement of this Ordinance) is caught by this Ordinance if-
(a) it was made by the defendant at any time since the beginning of the period of 6
years ending when the proceedings were instituted against him; or
(b) it was made by the defendant at any time and was a gift of property-
(i) received by the defendant in connection with drug trafficking carried on by him or another; or
(ii) which in whole or in part directly or indirectly represented in the defendant's hands property received by him in that connection.
(10) For the purposes of this Ordinance—
(a) the circumstances in which the defendant is to be treated as making a gift include those where he transfers property to another person directly or indirectly for a consideration the value of which is significantly less than the value of the consideration provided by the defendant; and
(b) in those circumstances, the preceding provisions of this section shall apply as if the defendant had made a gift of such share in the property as bears to the whole property the same proportion as the difference between the values referred to in paragraph (a) bears to the value of the consideration provided by the defendant.