The Family Home in Bankruptcy - Trustees' Powers, Possession & Sale

Introduction

When an individual is made bankrupt, their interest in the family home will usually vest automatically in the trustee in bankruptcy. For insolvency practitioners and legal advisers, dealing with the family home is often one of the most complex and sensitive aspects of the bankruptcy process, requiring a careful balance between creditors' interests and the rights of occupants.

This short practical webinar examines the trustee's powers in relation to the bankrupt's home, focusing on the legal framework governing possession and sale applications. It will explore the key principles, procedural requirements and practical issues that arise when seeking to realise property for the benefit of creditors.

You will gain a clearer understanding of the trustee's responsibilities, the Court's approach to possession and sale applications and the practical considerations involved in managing these cases effectively.

What You Will Learn

The webinar will cover the following:

• The impact of a bankruptcy order on the family home and its treatment as an asset of the bankruptcy estate
• Identifying, securing and protecting the family home to maximise returns for creditors
• The options available to trustees when dealing with the family home
• Key differences between solely owned and jointly owned properties in bankruptcy
• The process for applying to the Court for possession and sale orders
• The limitations, restrictions and practical challenges trustees may encounter