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The Court of Appeal has handed down its judgment in Lewis & Anor v Metropolitan Property Realisations Ltd  EWCA Civ 448. The appeal raises the question of what is meant by "realises" in s.283A(3)(a) of the Insolvency Act 1986. The judgment is of particular note as it considers s.283A. The section contains modifications to restrict the possibility of a trustee hanging on to a beneficial interest for many years without taking any steps to realise it. Laws, LJ notes:
"For the reasons given above we consider that "realise" in section 283A(3)(a) does not include effecting a sale for future cash consideration, at the stage before that cash is got in."
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...