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Insolvency Act 1986 Part IX Bankruptcy

CHAPTER IV - ADMINISTRATION BY TRUSTEE

Preliminary

305. General functions of trustee

  1. This Chapter applies in relation to any bankruptcy where either -
    1. The appointment of a person as trustee of a bankrupt's estate takes effect, or
    2. the official receiver becomes trustee of a bankrupt's estate.
  2. The function of the trustee is to get in, realise and distribute the bankrupt's estate in accordance with the following provisions of this Chapter; and in the carrying out of that function and in the management of the bankrupt's estate the trustee is entitled, subject to those provisions, to use his own discretion.
  3. It is the duty of the trustee, if he is not the official receiver -
    1. to furnish the official receiver with such information,
    2. to produce to the official receiver, and permit inspection by the official receiver of, such books, papers and other records, and
    3. to give the official receiver such other assistance, as the official receiver may reasonably require for the purpose of enabling him to carry out his functions in relation to the bankruptcy.
  4. The official name of the trustee shall be "the trustee of the estate of a bankrupt" (inserting the name of the bankrupt) ; but he may be referred to as "the trustee in bankruptcy" of the particular bankrupt.

Acquisition, control and realisation of bankrupt's estate

306. Vesting of bankrupt's estate in trustee

  1. The bankrupt's estate shall vest in the trustee immediately on his appointment taking effect or, in the case of the official receiver, on his becoming trustee.
  2. Where any property which is, or is to be, comprised in the bankrupt's estate vests in the trustee (whether under this section or under any other provision of this Part), it shall so vests without any conveyance, assignment or transfer.

307. After-acquired property

  1. 294(3) and 297(6) below.
  2. Subject to the next section, if the official receiver decides not to summon such a meeting, he shall, before the end of the period of 12 weeks above mentioned, give notice of his decision to the court and to every creditor of the bankrupt who is known to the official receiver or is identified in the bankrupt's statement of affairs.
  3. As from the giving of the court of a notice under sub-section (2), the official receiver is the trustee of the bankrupt's estate.

308. Vesting in trustee of certain items of excess value

308A. Vesting in trustee of certain tenancies

309. Time-limit for notice under s. 307 or 308

310. Income payments orders

311. Acquisition by trustee of control

312. Obligation to surrender control to trustee

313. Charge on bankrupt's home

314. Powers of trustee

Disclaimer of onerous property

315. Disclaimer (general power)

316. Notice requiring trustee's decision

317. Disclaimer of leaseholds

318. Disclaimer of dwelling house

319.Disclaimer of land subject to rentcharge

320. Court order vesting disclaimed property

321. Order under Section 320 in respect of leaseholds

322. Proof of debts

Distribution of bankrupt's estate

322. Proof of debts

323. Mutual credit and set-off

324. Distribution by means of dividend

325. Claims by unsatisfied creditors

326. Distribution of property in specie

327. Distribution in criminal bankruptcy

328. Priority of debts

329. Debts to spouse

330. Final distribution

331. Final meeting

332. Saving for bankrupt's home

Supplemental

333. Duties of bankrupt in relation to trustee

334. Stay of distribution in case of second bankruptcy

335. Adjustment between earlier and later bankruptcy estates

The above is the actual text of the Insolvency Act 1986
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For more information please visit: Her Majesty's Stationery Office.

The above is provided as information only. Iva.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts.