BANKRUPTCY/PROPERTY: Lewis v Metropolitan Property Realizations Ltd [2008] EWHC 2760 (Ch)

26 NOV 2008

(Chancery Division; Proudman J; 21 November 2008)

While Insolvency Act 1986, s 283A provided that if a trustee in bankruptcy had not realised his interest in the home of a bankrupt or of his spouse or civil partner, or former spouse or civil partner, within 3 years, the property reverted to the bankrupt, a trustee was entitled to assign his interest in a matrimonial home to a creditor on the basis that if the property was eventually sold a percentage of the net proceeds of sale would be paid to the trustee. A trustee who sold the estate's interest in the bankrupt's home for deferred contingent consideration 'realised' the interest within the meaning of s 283A(a).

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