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The recent case of Lewis -v- Metropolitan Property Realizations Ltd, handed down on 21 November 2008, has highlighted a significant weakness in section 283A of the Insolvency Act 1986. This is the so-called “use it or lose it” rule, designed to reduce the uncertainty that former bankrupts and their families could lose their homes as a [...]
Volunteering - but at what cost?
12 Jul 2011Many of us are involved in sporting clubs, charities and other community organisations. We freely give our time and expertise in helping to run them but how many of us are aware of the personal liability risks we are running? The current government’s Big Society initiative encourages people to take an active role in their [...]
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There is inevitably a tension when a creditor seeks a charging order against a debtor’s assets (usually but not necessarily his or her home) at about the same time that the debtor goes into bankruptcy. The key issue is this – should the creditor be permitted to retain the benefit of the charging order, or [...]
Bankrupt’s Interest in Home – Court of Appeal overturns Lewis –v- Metropolitan Property Realisations Ltd
29 Jun 2010Key Points “Realised” means getting in all the cash for the deal Concepts of “sale” and “realisation” are distinguished Deferred or contingent consideration will not prevent revesting of interest in bankrupt The Court of Appeal handed down its judgment in the appeal for Lewis -v- Metropolitan Property Realisations Ltd on 12 June 2009 concerning section 283A of the Insolvency Act 1986, [...]