Trustee in Bankruptcy has 3 Year Window

Posted on | July 19, 2009 | No Comments

I have not had time to read the full report of this case reported last week in The Times: Lewis and Another v Metropolitan Property Realisations Ltd (Court of Appeal, July 15 2009), but it is certainly going to be worth a look both for families concerned about losing their home and ex-(or soon to be ex-)spouses wondering whether the bankruptcy bears upon the ancillary relief. At time of posting it doesn’t yet appear to be on www.bailii.org. Judging from the brief summary in The Times it tells us this though: that a TiB has three years from the date of bankruptcy to get his money out of a former matrimonial home, or else the property will re-vest in the bankrupt. In this case on the day before the 3 year window ended the TiB had purported to transfer his interest in the property to a third party for consideration of £1 and 25% of any eventual sale of that interest. This little ruse did not work held the Court of Appeal, as it did not fall within the meaning of ‘realise’ as required in s283A(3)(a) of the Insolvency Act 1986. Thus, the property vested back in the name of the lucky LUCKY bankrupt.

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    A blog in which I ricochet from too serious to too flippant, and alternate between a bit clever, a bit interesting and a bit ranty: Pink Tape neatly functions as both a blog about family law and a therapeutic escape valve for me. >>more




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