Personal Bankruptcy

What constitutes property for the purposes of section 436 of the Insolvency Act 1986?

Where an individual is adjudged bankrupt, all his property (subject to certain exceptions) will vest in his Trustee in Bankruptcy immediately upon their appointment pursuant to section 306 of the Insolvency Act 1986 (“the Act”). “Property” is broadly defined in legislation. Section 436 of the Act defines property as ‘money, goods, things in action, land and …

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Using a charging order to recover a debt secured with a personal guarantee

If you are owed a debt which has been secured with a personal guarantee (“PG”) and the individual who provided that PG (“the Debtor”) has a beneficial interest in land, securities (for example, stock, dividends and interest in a trust) or has other assets, you may wish to consider imposing a charge over the same. …

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Does a Tomlin Order constitute a regulated credit agreement?

On 15th July 2019 in CFL Finance Ltd v Bass and others [2019] EWHC 1839 (Ch), the High Court (Chief ICC Judge Briggs) published its decision following the final hearing of a bankruptcy petition. The court refused to adjourn the creditor’s bankruptcy petition where creditors were in dispute as to how to proceed with regard …

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Can a second annulment application be an abuse of process even though a bankruptcy order should not have been made?

In July 2019 the High Court held that it was an abuse of process for an individual to make a second application to annul his bankruptcy on substantially identical grounds to his first, failed, application. In the case of Lambert v Forest of Dean District Council and others [2019] EWHC 1763 (Ch) (8 July 2019) the first …

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Bankruptcy threshold rises to £5,000

The bankruptcy threshold will increase to £5,000 for creditors’ bankruptcy petitions presented after 1 October 2015 as set out in the Insolvency Act 1986 (Amendment) Order 2015. Should a bankruptcy petition be presented prior to this date, the current minimum bankruptcy level of £750 will apply. Whilst debtors will welcome the move, creditors wishing to …

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Summit Law LLP appointed in the bankruptcy of comedian Steve Furst

Summit Law LLP has been instructed by the trustee in bankruptcy of the actor and comedian Steve Furst, who is currently appearing in the West End theatre production of “Made in Dagenham”. Summit Law partner, Jeremy Boyle commented: By way of assistance to the trustee in bankruptcy, we are continuing to look into Mr Furst’s …

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