A formal insolvency procedure for individuals in England and Wales.

Bankruptcy commences with a bankruptcy order, made against an insolvent individual (either on their own application to the adjudicator or following the presentation of a creditor's petition to the court).

The bankrupt's assets form their bankruptcy estate, which vests in, is realised and distributed to creditors by a trustee in bankruptcy according to the Insolvency Act 1986 and Insolvency (England and Wales) Rules 2016. Every bankruptcy is under the general control of the court, which has very wide powers available to it under its inherent, equitable and statutory jurisdiction.