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What vests and doesn't vest in the trustee in bankruptcy—checklist

What vests and doesn't vest in the trustee in bankruptcy—checklist Asset Vests in the trustee in bankruptcy? Comments Reference The bankrupt's (their family's) primary/sole residence Yes (but for a limited time only) The asset will only vest in the bankruptcy estate for a period of three years beginning on the day the bankruptcy order is made. Section 283A of the Insolvency Act 1986 (IA 1986) Freehold property Yes Where the bankrupt holds an interest in land, that interest will vest in the trustee in bankruptcy (trustee). IA 1986, ss 283(1) and 436 Leasehold property Varies Apart from a few exceptions, leasehold property will vest in the trustee.The exceptions are certain statutory tenancies as set out in IA 1986, s 283(3A), but the trustee can claim even these by service a notice. IA 1986, ss 283(1), 283(3A) and 308A Money/cash Yes To the extent the bankrupt holds any money/cash at the time the bankruptcy order is made, that will form part of the bankruptcy estate and vest in the trustee....

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Goods mortgage—key security document provisions [Archived]

Goods mortgage—key security document provisions [Archived] ARCHIVED: On 14 May 2018, HM Treasury (HMT) published its findings after considering the responses it received to its consultation dated 22 September 2017 on the proposal to reform the Bills of Sale Acts. HMT announced, given the concerns that were raised in the consultation, the small and reducing market and wider work on high-cost credit, the government is not intending to introduce new legislation at this point in time. For more information, see News: Goods Mortgages Bill: HM Treasury’s response to consultation—LNB News 14/05/2018 28. As such, this Practice Note currently remains for background purposes only. On 23 November 2017, the Law Commission published its report on the Goods Mortgages Bill. The report contains the final version of the Bill and outlines the Law Commission’s recommendations in relation to it. Jacqueline Cook, member of the Lexis®PSL Banking & Finance consulting editorial board and senior professional support lawyer, in the finance practice of Stephenson Harwood LLP, London, provides an overview of some of...

Quick guide to benefit and burden of covenants on assignment

Quick guide to benefit and burden of covenants on assignment The Landlord and Tenant (Covenants) Act 1995 (LT(C)A 1995) provides that (with exceptions) any lease granted on or after 1 January 1996 creates what is defined as a ‘new tenancy’ for the purposes of LT(C)A 1995. A lease granted before is an ‘old tenancy’. This Practice Note summarises, in the context of both ‘old tenancies’ and ‘new tenancies’, whether or not the benefit of tenant covenants and burden of landlord covenants run with the reversion, whether the benefit of landlord covenants and burden of tenant covenants run with the term, and the extent to which there is a release of liability on assignment. Old tenancy New tenancy Transfer of reversion Benefit of tenant covenants—does it run with the reversion? The obligation to pay rent and the benefit of other covenants and provisions in a lease that have reference to the subject matter of the lease run with the reversion (Law of Property Act 1925, s 141).Accordingly, an incoming...

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Employee Benefit Trust Deed

Employee Benefit Trust Deed FORTHCOMING CHANGE: On 30 October 2024, as part of Autumn Budget 2024, and following a consultation undertaken between 18 July 2023 and 25 September, it was announced that a number of changes were being made to the taxation Employee Benefit Trusts (EBTs). These changes have effect from 30 October and have been published for inclusion in Finance Bill 2024–25. They are legislating to ensure that persons connected to a participator must be excluded from benefit from an EBT for the lifetime of the trust in order for inheritance tax (IHT) exemption to be available, requiring a settlor to have held shares for at least two years prior to settling them into an EBT in order to obtain IHT exemption, and introducing a provision that no more than 25% of employees who are able to benefit from income payments under an EBT can be connected to participators in order for the EBT to benefit from favourable IHT treatment. This Precedent has been amended based on...

Ireland—Debenture: single company chargor—bilateral—all monies

Bilateral debenture for a chargor incorporated as a limited company in Ireland to secure the chargor’s obligations to the lender on an all monies basis Using this Precedent Debenture This is a precedent bilateral Debenture which can be used to take security over all of the assets of a company. This drafting note explains the context in which this precedent Debenture might be used as well as the features of this precedent Debenture and the assumptions on which it is based. Negotiating a security package—general principles A lender's primary concern is that it is repaid. If a borrower fails to repay a loan the lender may have to go to court to obtain a judgment for payment of the sum owed to it. Even if it obtains such judgment this does not mean that the lender will be repaid in full or even in part. For example, if the borrower is insolvent, the lender may have to share the borrower's available assets with other creditors and will only receive part...

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Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime?

Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime? In the context of this Q&A, the company is a private company limited by shares and that the company will not be allotting shares at a discount (in accordance with section 580(1) of the Companies Act 2006 (CA 2006)). Furthermore, the company’s articles of association (and other constitutional documents) do not contain any provisions requiring member approval in relation to an allotment of shares to the directors. Subject to certain exceptions, member approval is required for substantial property transactions between a company and its directors as these transactions are particularly open to abuse. Under CA 2006, s 190, an arrangement must be approved by a resolution of the members of the company, or be conditional on such approval being obtained, where: • a company acquires (or is to acquire) a substantial non-cash asset from a director of that company (or that company’s holding company) or a person...

Can the personal representatives of an estate retrospectively appropriate a share portfolio to the charitable residuary beneficiaries after the shares have been sold, in order that the charities can benefit from the favourable capital gains tax treatment that would apply on a sale by them?

Can the personal representatives of an estate retrospectively appropriate a share portfolio to the charitable residuary beneficiaries after the shares have been sold, in order that the charities can benefit from the favourable capital gains tax treatment that would apply on a sale by them? Power of appropriation Personal representatives (PRs) have a statutory power of appropriation under section 41 of the Administration of Estates Act 1925 which allows them to appropriate any part of the estate, (including a chose in action) in its actual condition or state of investment at the time of appropriation, in or towards satisfaction of any legacy or interest or share in the estate, whether absolute or settled, without the requirement for the deceased to confer a power of appropriation in the Will. This power is widened by the STEP Standard Provisions (2nd edition) when incorporated in the Will. See Practice Note: Personal representatives and trustees—power of appropriation. Valuation for the purposes of the appropriation Where PRs appropriate assets, they should (unless the Will provides...

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Whether Employment Tribunal claims vest in a bankruptcy estate (Main v SpaDental Ltd)

Restructuring & Insolvency analysis: This decision was an appeal to the Employment Appeal Tribunal (EAT) by the claimant in relation to whether a claim he brought as a worker for unpaid holiday pay had vested in his trustee in bankruptcy (trustee). The claimant had been made bankrupt in the middle of the relevant period for which the claimant sought unpaid holiday pay. The claimant also appealed against the Employment Tribunal’s decision not to allow a claim for interest on the award. The EAT upheld the Employment Tribunal's first instance decision that the claim had vested in the claimant's trustee, concluding that the reach of assets which vest in a bankruptcy estate is wide, and that a claim which is a chose in action can exist and vest in a trustee even at a time or in circumstances when the bankrupt cannot yet enforce the claim. The EAT also considered that as the claim concerns a purely monetary remedy measured by reference solely to the worker’s rate of pay, it cannot...

Banking & Finance—key developments of 2024 and what to look out for in 2025

Banking & Finance analysis: This News Analysis provides a round-up of the key developments in Banking & Finance in 2024, focusing on those that impact lending transactions, and looks ahead to what’s coming up in 2025.