Acquirenda meaning

In Scottish bankruptcy (sequestration), acquirenda are assets or rights a debtor obtains after sequestration that can vest in the trustee in sequestration for a fixed four-year period from the sequestration date. The concept is rooted in Scottish bankruptcy legislation (now consolidated in the Bankruptcy (Scotland) Act 2016), reflecting reforms effective from 1 April 2015; before that date, the acquirenda period generally ended on discharge. Typical acquirenda include inheritances, gifts, lottery or prize wins, refunds and some damages or compensation received within the four-year window. Ordinary earnings are dealt with separately through debtor contribution orders, and property that is exempt from vesting remains outside the estate. The practical significance is that the trustee may claim, require delivery of and realise acquirenda for the benefit of creditors. Jurisdictional note: “Acquirenda” is a Scots law term used in sequestration. The broadly equivalent concept in England & Wales and Northern Ireland is “after-acquired property” in bankruptcy under the Insolvency Act 1986. In Ireland, similar rules apply under the Bankruptcy Act 1988, but the term “acquirenda” is not commonly used.