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When a person is made bankrupt by an order of the court the bankrupt’s assets vest in the trustee in bankruptcy who realises them in order to pay the debts owed to creditors. The trustee in bankruptcy is usually an Official Receiver or an insolvency practitioner who holds the assets on trust for creditors of the person made bankrupt. A trustee has the power ...
Bankruptcy is the term to describe individual insolvency. A person is insolvent when they do not have sufficient assets to discharge their debts as they fall due.
When the co-owner of a property faces bankruptcy, how that property is held can have a significant effect on the outcome for the other party. Most important is to distinguish whether the property is held as tenants in common where the interest is held in separate shares, or beneficial joint tenants where the interest is held in equal undivided shares.