Commentary

125 Bankrupt's property vests in official receiver as trustee

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

125 Bankrupt's property vests in official receiver as trustee

| Commentary

3: MAIN EFFECTS OF BANKRUPTCY ORDER

125 Bankrupt's property vests in official receiver as trustee

In general, where a bankruptcy order is made after 6 April 2017, the Official Receiver becomes the first trustee of the bankrupt's estate on the making of the bankruptcy order1 (with the consequence that the bankrupt's estate vests in him at that time and the bankrupt's title is immediately divested)2. The effect is that the Official Receiver as trustee becomes the legal owner of the bankrupt's property (though with the notable exception of property held on trust, so in the common case where the only significant

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