Q&As

Q&A—Re-vesting of a dwelling-house following bankruptcy

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Published on LexisPSL on 11/04/2014

The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:

  • Q&A—Re-vesting of a dwelling-house following bankruptcy
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Q&A—Re-vesting of a dwelling-house following bankruptcy

Q

My client (an individual) is a bankrupt—is he entitled to have his disclaimed property re-vested in him?

Scenario

My client was the sole proprietor of a freehold, dwelling-house prior to being declared bankrupt. The official receiver disclaimed the property. The mortgagee of the property has not initiated possession proceedings.

Is it possible for the bankrupt to have title to his home re-vested in him either now or once the bankruptcy order has been discharged?

A

As at 13/01/2014.

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  1. The relevant starting point in this scenario is the effect of the disclaimer on the property and the parties’ interests in it. Please see our Overview on disclaimer and Practice Note covering the effect of disclaimer on property and third parties: Overview Document The effect of disclaimer by a liquidator or trustee in bankruptcy on property and third parties

    You will see that disclaimer is a statutory procedure which enables trustees in bankruptcy (or liquidators in the case of companies) to disclaim onerous property. Please see our Practice Note covering what constitutes onerous property: What is considered onerous property or contracts?

    Once disclaimer has occurred, the property vests in the Crown unless and until a vesting order is obtained.

  2. Our Practice Note on the process of disclaimer and Checklist and timeline for

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