Insolvency—private client

Practice notes

Individuals—reviewable transactions—Property

Individuals—reviewable transactions—PropertyTransactions at an undervalueA transaction at an undervalue is a transaction which is made by a debtor:•by...

3rd Aug

Q&As

What are the consequences if an executor takes out a grant of probate knowing that there is a possibility that the estate is insolvent?

What are the consequences if an executor takes out a grant of probate knowing that there is a possibility that the estate is insolvent?This Q&A does...

1st Aug

Q&As

To what extent could third-party creditors of D have a claim to property to which D is entitled under a bare trust?

To what extent could third-party creditors of D have a claim to property to which D is entitled under a bare trust?Broadly, the nature of a bare trust...

1st Aug

Q&As

X and Y purchased a property as a beneficial joint tenancy and signed a declaration of trust stating that X held 75% of the property and Y held 25%, with Y’s 25% share passing to X upon Y’s death. X paid 100% of the mortgage and Y was the sole occupant of the property. Y died and her estate is insolvent with no bankruptcy petition having been brought. Can the executors pay the creditors off in proportion to what they are owed out of the cash available in the estate, or will the creditors also have recourse to Y’s 25% share of the property? If the creditors can claim against 25% of the property, can X settle the debts herself to avoid selling the property?

X and Y purchased a property as a beneficial joint tenancy and signed a declaration of trust stating that X held 75% of the property and Y held 25%,...

Produced in partnership with Helen Galley of XXIV Old Buildings 1st Aug

Q&As

If an undischarged bankrupt overpays PAYE and, prior to discharge, that overpayment is offered to be refunded, is that overpayment ‘income’ for the purposes of an income payments order, or ‘property’ for the purposes of after-acquired property?

If an undischarged bankrupt overpays PAYE and, prior to discharge, that overpayment is offered to be refunded, is that overpayment ‘income’ for the...

1st Aug

Q&As

In an otherwise insolvent estate, several life policies are nominated to the widow or are paid out at the discretion of the trustees of the policy. Can the creditors take action to recover from these policies?

In an otherwise insolvent estate, several life policies are nominated to the widow or are paid out at the discretion of the trustees of the policy....

1st Aug

Q&As

What is an executor’s duty to enquire into the status of a beneficiary when they have reason to suspect the beneficiary has entered into an Individual Voluntary Arrangement?

What is an executor’s duty to enquire into the status of a beneficiary when they have reason to suspect the beneficiary has entered into an Individual...

31st Jul

Q&As

Can a bankrupt commence legal proceedings in respect of a claim for breach of contract? If they cannot, can the trustee make this claim on their behalf?

Can a bankrupt commence legal proceedings in respect of a claim for breach of contract? If they cannot, can the trustee make this claim on their...

31st Jul

Q&As

If an estate is insolvent and the deceased did not leave a Will do those individuals entitled to apply for Letters of Administration still have a duty to do so?

If an estate is insolvent and the deceased did not leave a Will do those individuals entitled to apply for administration'>Letters of Administration...

31st Jul

Q&As

To what extent is a right to live in a property or interest in possession effective in shielding a half share of a property from third party claims? Spouse A has been given a right to occupy the half share of a property owned as a tenant in common with B, the deceased spouse. What are the IHT implications if B’s Will provides that a surplus arising from a sale of the property during A’s lifetime passes to the residuary beneficiaries of B’s estate, as if A had not survived B?

To what extent is a right to live in a property or interest in possession effective in shielding a half share of a property from third party claims?...

31st Jul

Practice notes

Companies—reviewable transactions—Property

Companies—reviewable transactions—PropertyBackgroundCertain transactions entered into by a company within a specified period before insolvency may be...

31st Jul

Practice notes

Winding-up a general partnership as an unregistered company

Winding-up a general partnership as an unregistered companyThis Practice Note looks at the winding-up of an insolvent partnership as an unregistered...

Produced in partnership with Natasha Dzameh of St John's Chambers 31st Jul

Practice notes

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986It is possible for a claim to be brought under section 423 of the...

31st Jul

In-house

Practice notes

Effect of the debtor's death on an insolvency process

Effect of the debtor's death on an insolvency processWhat happens when a debtor dies?A person may die insolvent. Their estate will be insolvent where...

Produced in partnership with David Nicholls of Landmark Chambers 31st Jul

Practice notes

Voluntary arrangement of general partnerships

Voluntary arrangement of general partnershipsIn addition to the better-known company voluntary arrangements (CVAs) and individual voluntary...

Produced in partnership with Phillip Patterson of Gatehouse Chambers 31st Jul

Practice notes

Partnership administration orders

Partnership administration ordersCoronavirus (COVID-19): the coronavirus pandemic has caused the UK to expedite new insolvency provisions, both of a...

31st Jul

Practice notes

A summary of the key changes in the Insolvency (England and Wales) Rules 2016 [Archived]

A summary of the key changes in the Insolvency (England and Wales) Rules 2016 [Archived]This Practice Note has been archived and is not...

Produced in partnership with Sarah Clarke of Gatehouse Chambers 31st Jul

Practice notes

Debt relief orders (DROs)

Debt relief orders (DROs)What is a DRO?DROs are 'a new and simplified way of wiping the slate clean for debtors who are too poor to go bankrupt.'A DRO...

Produced in partnership with Simon Passfield of Guildhall Chambers 31st Jul

Practice notes

Insolvency—administration

Insolvency—administrationCoronavirus (COVID-19): the coronavirus pandemic has caused the UK to expedite new insolvency provisions, both of a temporary...

31st Jul

Practice notes

Bankruptcy

BankruptcyCoronavirus (COVID-19): the coronavirus pandemic has caused the UK to expedite new insolvency provisions, both of a temporary and permanent...

31st Jul

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