The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:
For the purposes of this Q&A we have assumed that the bankrupt owned the property at the time the bankruptcy order was made, and that there were no complicating factors regarding ownership (ie that it was held on trust or was subject to any hire purchase or other finance agreement).
Under section 283 of the Insolvency Act 1986 (IA 1986), the assets that comprise the bankruptcy estate are those that belonged to or were vested in the bankrupt at the time the bankruptcy order was made. Accordingly, the property would have formed part of the bankruptcy estate, unless it was excluded under IA 1986, s 283(2) (for example, because the car was necessary for the bankrupt’s employment, business or vocation). We assume that the property was not so excluded.
Under IA 1986, s 306, upon his appointment, the property would have automatically vested in the trustee in bankruptcy (trustee). Accordingly, from that moment in time, the trustee would have had title to the property—even if not in possession of it—and any dealing with, or disposal of it, would need to have been done by the trustee or with the trustee’s consent. That position does not change simply because the bankrupt is discharged under
Free trials are only available to individuals based in the UK
Complete all the fields above to proceed to the next step.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
MedcoSTOP PRESS: A new RTA small claims protocol for whiplash claims comes into effect for accidents occurring on or after 31 May 2021. The small claims track limit for personal injury claims arising from an RTA is increased to £5000 in respect of general damages for pain, suffering and loss of
The Financial Assistance Scheme—what are the available benefits?THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012.Where a scheme, its employer(s) and individual members have satisfied the criteria for eligibility into the Financial Assistance Scheme
Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over
Enforcing a warrant of controlThis Practice Note has been produced by enforcement specialists, The Sheriffs Office. It guides users through the process of enforcing a warrant of control obtained from the County Court as a method of enforcing a money judgment; whereby the judgment creditor takes
0330 161 1234