The following Property Q&A provides comprehensive and up to date legal information covering:
While this Q&A mentions both undischarged and discharged bankrupt, we have focused on ‘discharged’. We have also assumed that this Q&A is referring to freehold land and not a residential dwelling in respect of which the three-year rule applies. See Practice Note: The 'three-year rule' in bankruptcy under section 283A of the Insolvency Act 1986
Any interest in real property held by the bankrupt at the date the bankruptcy commences will vest in the trustee. This would include the legal title and the right to be registered as the legal proprietor where the bankrupt is the sole owner. In cases where the bankrupt and another or others are the joint registered proprietors of real property, the bankrupt and the other co-owner(s) will hold the property on trust for the trustee and the other co-owner(s).
The period of bankruptcy commences when the bankruptcy order is made and continues until discharge (or until the bankruptcy order is rescinded or annulled). As a general rule, the bankrupt will be automatically discharged on the first anniversary of the bankruptcy order. However, the automatic discharge on the first anniversary can be suspended by order of the order under certain circumstances (section 279 of the Insolvency Act 1986 (IA 1986)). See: Discharge from bankruptcy and suspension of automatic discharge—overview and The immediate effects of a bankruptcy order on the bankrupt.
The trustee is
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Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
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