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In an important judgment, the Court of Appeal held that the use it or lose it provisions under s 283A(2) of the Insolvency Act 1986 were concerned with an interest which was part of the bankrupt’s estate because it was vested in the bankrupt at the commencement of the bankruptcy. It did not include an interest in property which was then vested in a third party even if it might be recovered for the benefit of the estate by proceedings under s 339 (transaction at an undervalue) or the like.
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