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Insolvent estate
Practical Law UK Glossary 8-385-0918 (Approx. 3 pages)
Glossary
Insolvent estate
The assets of an insolvent individual or entity that the Official Receiver or an insolvency practitioner is appointed to deal with for the benefit of the estate creditors.
In the case of an insolvent company, the insolvent estate comprises all the company's assets (rule 1.2(2), Insolvency (England and Wales) Rules 2016).
In the case of an insolvent individual, and following the making of a bankruptcy order, it comprises the bankrupt's estate i.e. those assets (other than tools of a trade and essential domestic items) in which they:
- Have a beneficial interest at the date of the bankruptcy.
- Acquire a beneficial interest after the making of the bankruptcy order and before being discharged (provided their trustee in bankruptcy has claimed as after-acquired property).