Practice Area
Panel
- Contributing Author
Qualified Year
- 2002
Membership
- Chancery Bar Association
- Property Bar Association
Qualifications
- 2002 BVC
- 2001 Diploma in Law
- 1999 BA Hons (Theology)
Education
- 2002 Inns of Court School of Law (BVC)
- 2001 City University (Diploma in Law)
- 1996–1999 Oxford University (Keble College) BA Hons
- 1988–1995 Haberdashers’ Aske’s School
2 Contributions by David Nicholls
PRACTICE NOTES
Insolvent Deceased Estates in England and Wales: DPO 1986, PR Administration, Administration Actions, Insolvency Administration Orders, and Implications for Bankruptcy, Joint Tenancies and IVAs
What happens when a debtor dies?
Someone may pass away while insolvent. An estate is insolvent when its value does not suffice to discharge all debts and liabilities in full. In such cases, the estate’s administration is regulated by the Administration of Insolvent Estates of Deceased Persons Order 1986 (DPO 1986), SI 1986/1999. It applies to estates of the insolvent deceased, including where death follows the presentation of a bankruptcy petition or the making of a bankruptcy application. Its main effect is to adapt the Insolvency Act 1986 (IA 1986). The interaction between DPO 1986, SI 1986/1999 and IA 1986 is examined in Re Estate of Platon Elenin (aka Boris Abramovich Berezovsky).
What should happen to the insolvent estate?
Unless a bankruptcy order exists (or a bankruptcy petition has been presented or an application made), an insolvent estate must be managed in one of three ways:
by the personal representatives (PRs)
by way of an administration action
under an insolvency administration order
Each of these is addressed below.
Administration by the personal representatives
Administration by PRs occurs outside the court process and outside bankruptcy...
Restructuring & Insolvency
PRACTICE NOTES
IVAs under IA 1986 and IR 2016: proposals, creditor decision-making, approval, challenges and supervision (England and Wales)
The debtor’s proposal for an IVA
The route into an IVA commences with the debtor’s proposal, ordinarily shaped in collaboration with a licensed insolvency practitioner (IP). At this juncture, the IP acts as the nominee. Should creditors accept the proposal, the nominee will typically take up the role of supervisor of the IVA. For broader background, see Practice Note: Individual voluntary arrangements (IVAs). The nominee must adhere to Statement of Insolvency Practice 3.1, updated for nominees appointed on or after 1 March 2023—see News Analysis: LNB News 01/03/2023 13.
Any debtor may advance an IVA proposal, including an individual who remains an undischarged bankrupt. The nominee will commonly meet the debtor, who will supply information on assets and liabilities, supported by documentation. Although the debtor puts forward the terms, the written proposal is, in practice, drafted by the nominee. The proposal will include a concise rationale for why an IVA is appropriate and why creditors are likely to agree...
Restructuring & Insolvency
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