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  • Personal Insolvency Law in Practice

Personal Insolvency Law in Practice


An authoritative and practically relevant text approaching the subject from the point of view of the over-indebted individual

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Book printed softcover

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With the entire canon of the Insolvency Rules 1986 being completely revised in October 2008, Personal Insolvency Law in Practice is a highly authoritative and practically relevant text approaching the subject from the point of view of the over-indebted individual. The text adopts a highly structured approach to each of the main remedies for insolvent individuals, explaining:
  • WHO are the main actors?
  • WHAT is the remedy?
  • WHEN should the remedy be used?
  • WHERE is the appropriate forum?
  • WHY is the remedy appropriate?
  • HOW does the remedy work?

 The book provides definitive black letter law, but with an emphasis on providing practical advice. It also makes use of all Dear IP and SIP materials, providing everything required by accountants.
 The leading author team, drawn from accountancy, the legal profession and academia ensures that the text encompasses all possible approaches to the subject.
  • Foreword - by The Honourable Mr Justice Lightman
  • Introduction
  • A History of Personal Insolvency Law
  • The Nature and Purpose of Modern Personal Insolvency Legislation
  • The Main Players
  • Types of Debt
  • Likely Creditors
  • An Introduction to the Main Types of Remedy
  • Bankruptcy
  • Individual Voluntary Arrangements
  • Debt Relief Orders
  • Informal Arrangements with Creditors
  • Financial Management for Debtors
  • Conclusions
"practical as it is scholarly and purpose designed for ease of use"
 "a wide far ranging, insightful and succint treatment of this vexed subject"
 "the book provides all materials required by accountants"
 "a superlative and certainly authoritative reference resource for the insolvency practitioner in one handy volume--ideal not only for practitioners, but for other advisers, as well as creditors and debtors. If you are involved in insolvency matters you need this book"

Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers

"I have it and I am LOVING it! Congratulations - well written, useful and practical. What a breath of fresh air!"
Neil Taylor, NeilTaylor.biz
Chapter 5


'At last it is all gone. Nothing is left about the house
 but scattered leaves of catalogues,’

 5.1 This chapter briefly examines the range of assets that may be owned by an individual and briefly compares how those assets are treated in DMPs, IVAs, bankruptcy and DROs. Any assets that can potentially be excluded from formal insolvency proceedings are briefly discussed within each section. Chapter 17 deals with other assets that may fall into a bankrupt’s estate and how these are dealt with specifically in bankruptcy. Further discussion is provided specifically on the matrimonial home in bankruptcy proceedings in chapter 18. For any individual that is in financial difficulty the option to sell assets and realise their potential will often be the first step to trying to solve any financial difficulty.

 How are land and buildings treated?
 5.2 Land and buildings can be the most valuable asset in a personal insolvency and therefore the most important asset. Conversely any loans secured on the property may also be substantial. The following paragraphs will examine land, before going on to discuss buildings on that land and the different forms of ownership that can exist in relation to both domestic and commercial property, ie sole and joint ownership;

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