Bankruptcy

Tester46

Am I right in thinking that if a person is adjudicated a bankrupt in Ireland under the Bankruptcy Act 1988, and their assets automatically go into the name of the Official Assignee, then any assets which the Official Assignee has not disposed of 12 years later (when the bankruptcy ends) automatically revert to the discharged bankrupt?

McCrack

I'm not overly familiar with Insolvancy Law but if a person is declared bankrupt he stays bankrupt until discharged. Simply waiting 12 years is not sufficient. (I stand corrected on this however).

Tester46

McCrack wrote: »

I'm not overly familiar with Insolvancy Law but if a person is declared bankrupt he stays bankrupt until discharged. Simply waiting 12 years is not sufficient. (I stand corrected on this however).

You are absolutely correct. However, my question is when the discharge occurs, does title in whatever assets the Official Assisgnee has not disposed of re-vest in the discharged bankrupt?

Tom Young

I think what you are teetering on here is the concept of protective trusts. Section 10 of the Conveyancing Act (Ireland) 1643 attempts to deal with this and settlements defrauding creditors. I have no idea if the 2009 Act deals with this provision.

Get Sanfey and Holohan's book, Chapter 8 I believe is relevant.

Tom

Tom Young

Section 74 of the 2009 Act deals with Bankruptcy. I think you are asking whether or not the residue of a bankrupts estate becomes unencumbered vis the official assignee once the bankrupt has been discharged, so interpreting this you mean Edit: either surplus or discharge simpliciter, then see Sections 85 (discharge) and 86 (Surplus) of the 1988 Bankruptcy Act.