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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

23 OCT 2012

McAteer v Lismore [2012] NICh 7; [2012] BPIR 812

(Northern Ireland Chancery Division, Deeny J, 9 March 2012)

The deceased had died in 1993 and L had been appointed as his trustee in bankruptcy in 1995. L sold a property (a dwelling house and adjoining plots of land, some of which had been zoned for housing) in 2005 for £260,000, although original advice indicated that it might be worth £400,000. M, the executrix of the estate of the deceased, successfully brought proceedings against L on the basis that the property had been sold at an undervalue. The evidence indicated that there had been a failure to take reasonable care in conducting the sale of the property. The probable sale price of the property in 2004 and 2005 was £400,000. Damages of £140,000 were awarded, M enjoyed locus standi to bring the claim even though the estate might not produce a surplus.

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