Insolvency Service proposals: bank accounts for bankrupts | Practical Law

Insolvency Service proposals: bank accounts for bankrupts | Practical Law

On 7 December 2012, the Insolvency Service (IS) published its proposals to amend section 307 of the Insolvency Act 1986.  The aim is to enhance access to basic bank accounts for undischarged bankrupts.  This will be achieved by restricting the power of a trustee in bankruptcy to claim funds that were credited to the bankrupt's bank account after the date of the bankruptcy order.  The announcement follows the IS consultation on "Bank accounts for bankrupts".

Insolvency Service proposals: bank accounts for bankrupts

Practical Law UK Legal Update 0-523-0816 (Approx. 3 pages)

Insolvency Service proposals: bank accounts for bankrupts

by PLC Restructuring and Insolvency
Published on 13 Dec 2012 • England, Wales
On 7 December 2012, the Insolvency Service (IS) published its proposals to amend section 307 of the Insolvency Act 1986. The aim is to enhance access to basic bank accounts for undischarged bankrupts. This will be achieved by restricting the power of a trustee in bankruptcy to claim funds that were credited to the bankrupt's bank account after the date of the bankruptcy order. The announcement follows the IS consultation on "Bank accounts for bankrupts".