Personal insolvency

Q&As

X obtained a freezing injunction against D to secure a judgment sum. Subsequently D was declared bankrupt. D has had their bankruptcy discharged. Does X have to 'release' the freezing injunction or ease its restrictions if D asks them to now he is no longer bankrupt?

For the purposes of this Q&A, we have assumed that the judgment arises from an 'ordinary' unpaid debt and the defendant’s discharge was automatic on...

5th May

Q&As

Where a trustee in bankruptcy obtains a possession and sale order in respect of a jointly-owned property, but the order does not appoint the trustee in the non-bankrupt co-owner’s place under section 41 of the Trustee Act 1925 to execute all necessary deeds, etc but rather orders that the bankrupt and non-bankrupt shall do all things necessary to procure the sale of the property and deliver vacant possession but they refuse to sign the sale contract and/or transfer documents—what remedy can the trustee seek from the court?

If a non-financial provision in a court order needs enforcing—such as if the order concerns directing a party to execute any conveyance, contract or...

27th Apr

Practice notes

How to effect service of a creditor's bankruptcy petition on the debtor and what happens if service cannot be effected

Once the bankruptcy petition and supporting documents have been presented (or issued) at court, the first step the petitioning creditor will need to...

20th Apr

Q&As

If a creditor puts both the name of the director and the name of the company as the creditor in the statutory demand, is this likely to have an effect on the bankruptcy petition as the debt is owed to the company?

A statutory demand (in both corporate and personal insolvency) is a demand for a debt—either payable now, or payable at some future date—which is...

14th Apr

Practice notes

Avoidance of general assignment of book debts (bankruptcy)

This Practice Note explains when a general assignment of book debts by a bankrupt prior to their bankruptcy is invalid. See also Practice Note:...

Produced in partnership with Christopher Brockman of Enterprise Chambers 9th Apr

Practice notes

Annulment of bankruptcy orders

This Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986) and the grounds upon which an...

9th Apr

Practice notes

Effect and duration of bankruptcy restrictions orders (BROs)

Effect of a bankruptcy restrictions orderThe effect of a bankruptcy restrictions order (BRO) is to impose wide ranging restrictions on a bankrupt....

Produced in partnership with Lydia Pemberton of St Philips Chambers 9th Apr

Practice notes

The equity of exoneration and how it applies in practice

This Practice Note looks at the equity of exoneration: what it is, and when and how it applies. It does not look at how the trustee in bankruptcy...

9th Apr

Practice notes

When can an office-holder seek directions from the court in insolvency proceedings?

The power to seek directions from the courtOffice-holders in insolvency proceedings have statutory powers to seek directions from the court in...

9th Apr

Practice notes

The Insolvency (England and Wales) Rules 2016—Part 14: Claims by and distributions to creditors in administration, winding-up and bankruptcy [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained. The Insolvency Rules 2016—coming into force and changesThe Insolvency (England...

Produced in partnership with Madeleine Jones of South Square 9th Apr

Practice notes

The Insolvency (England and Wales) Rules 2016—Part 8: Individual voluntary arrangements [Archived]

This Practice Note has been archived and is not maintained.The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) were laid before...

Produced in partnership with Dawn McCambley of Radcliffe Chambers 9th Apr

Practice notes

The Insolvency (England and Wales) Rules 2016—Part 15 and 16: Creditors meetings and proxies [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained. The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) were laid...

Produced in partnership with Eleanor Temple of Kings Chambers 9th Apr

Practice notes

How long does the individual voluntary arrangement last and what happens if it fails?

Duration of an individual voluntary arrangementAn individual voluntary arrangement (IVA) is an agreement entered into between an individual and their...

Produced in partnership with Paul Allen of FRP 9th Apr

Practice notes

Debt management and relief for individual debtors

IntroductionPart 5 of the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) introduced new regimes for debt management and relief, although not...

9th Apr

Practice notes

Property that vests in the trustee in bankruptcy on bankruptcy and how the trustee in bankruptcy ascertains the extent of their interest in it

One of the main functions of the trustee in bankruptcy (trustee) is, in accordance with section 305(2) of the Insolvency Act 1986 (IA 1986), to get...

9th Apr

Practice notes

Can the court annul a bankruptcy order obtained in order to defeat the divorce proceedings?

It is not uncommon for bankruptcy and divorce proceedings to run concurrently, or for one set of proceedings to impact on the other. For further...

9th Apr

Practice notes

The bankruptcy court's power to set aside financial orders made on divorce or dissolution of a civil partnership

The general position of the bankruptcy and family courtsThe impact bankruptcy and divorce proceedings have on one another has been subject to several...

9th Apr

Practice notes

Equitable accounting—how it works in practice

This Practice Note looks at equitable accounting, what it is, how and when it applies. It does not look at how the trustee in bankruptcy (trustee)...

9th Apr

Practice notes

The Insolvency (England and Wales) Rules 2016—Part 18: Changes to reporting by and remuneration of office-holders [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained. The Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 were laid...

Produced in partnership with Peter Shaw, QC of 9 Stone Buildings 9th Apr

Practice notes

Income payments agreements (IPAs) under section 310A of the Insolvency Act 1986

An income payments agreement (IPA) is an alternative to an income payments order (IPO), used in circumstances where the bankrupt voluntarily agrees to...

Produced in partnership with William Willson of South Square and Robert Smailes of Leonard Curtis Business Solutions Group 9th Apr

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