The bankrupts appealed against the refusal of a declaration that their home was now free of the claims of the defendants who had taken an assignment from the trustee in bankruptcy of the trustee’s interest in the house for a consideration of a share in any value on a sale.
Held: The 1986 Act had been amended to restrict the ability of a trustee to delay realising any interest in the bankrupt’s property. The word ‘realises’ in the section was to be taken to involve a final and complete change of identity in the interest into distributable cash. The interest in the future proceeds of sale did not therefore amount to a realisation, and the claim was out of time.
Lord Justice Laws, Lord Justice Thomas and Mr Justice Mann
[2009] EWCA Civ 448, Times 15-Jul-2009, [2009] NPC 76, [2009] 4 All ER 141, [2009] BPIR 820, [2009] 3 FCR 251, [2009] Fam Law 794
Bailii
Insolvency Act 1986 283A
England and Wales
Cited by:
Cited – Stonham v Ramrattan and Another CA 16-Feb-2011
The bankrupt, while solvent had acquired a property which was first put in his own sole name, but then transferred to his wife outwardly ‘in consideration of love and affection’. Several years later, on the bankruptcy, the trustee sought to have the . .
Lists of cited by and citing cases may be incomplete.
Insolvency
Updated: 09 November 2021; Ref: scu.346909