Commentary

166 Property held as executor or for specific purpose

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

166 Property held as executor or for specific purpose

| Commentary

166 Property held as executor or for specific purpose

Property held by the bankrupt as executor or administrator is property held on trust within the meaning of the bankruptcy legislation. Property which is in the bankrupt’s possession for a specific purpose does not, as a general rule, pass to the trustee, but is subject to the same principles as trust property. In Barclays Bank Ltd v Quistclose Investments Ltd1, this principle was applied to a sum of money lent to a company (later wound up) for a specific purpose which was not implemented; the money, being still identifiable,

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