The matrimonial home is a central feature of many bankruptcy cases as it is often the most valuable asset in the estate available to be realised for the benefit of creditors. Because the matrimonial home is also usually the place where the bankrupt and their family live, there are many issues which may affect how it is dealt with. Such issues can often include:
whether the trustee in bankruptcy (trustee) has an interest in the property at all
whether any adjustments need to be made on the net sale proceeds
whether the court should make an order for possession and sale
the overlap with family law
The assets that vest in the trustee are the assets that comprise the bankruptcy estate. These will include all assets the bankrupt had a legal or beneficial interest in at the time the bankruptcy order was made (sections 283, 283A, and 436 of the Insolvency Act 1986 (IA 1986)). For further reading, see:
Practice Note: Definition of the bankruptcy estate and which assets vest in the trustee in
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