14th Apr 2015


Summary: Where two or more persons as joint tenants held property on trust for two or more persons, each of the joint tenants held on trust for at least one other person, and the legal title accordingly fell outside the definition of “the bankrupt’s estate” in the Insolvency Act 1986 s.283, and did not vest in the trustee in bankruptcy. The scheme of the insolvency legislation was to vest the legal estate in land in the trustee in bankruptcy only where the bankrupt was the sole legal and beneficial owner.

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