Interim trustee meaning

Trustee in trust deed for creditors Authority to sell or lease must be expressly stated within the trust deed for creditors. If absent, recourse is to statutory powers under: section 4 of the Trusts (Scotland) Act 1921 section 2 of the Trusts (Scotland) Act 1961 Interim trustee in bankruptcy An interim trustee in bankruptcy lacks authority to contract, sell, or lease unless the court has specifically granted that power...

In this issue: Probate Trusts Elderly and vulnerable clients UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Regulatory compliance for Private Client Budgets and Finance Bills Charity and philanthropy Scotland, Wales and Northern Ireland International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Useful information Probate Bereaved Partner’s Paternity Leave Regulations 2026 (SI 2026/237): these Regulations create a new statutory entitlement for an employee to take time off to care for a child during the first year following birth, placement for adoption, or arrival in Great Britain for an overseas adoption, where the child’s primary carer has died (bereaved partner’s paternity leave). They take effect on 6 April 2026. See: LNB News 15/01/2026 18. Trusts Representation orders...

In this issue: Probate Trusts Court of Protection UK taxes for private clients Spouses, civil partners and cohabitants HMRC Manuals updates Tax avoidance, evasion and non-compliance Family enterprises and ownership models Pensions, insurance and tax-efficient investments Scotland, Wales and Northern Ireland International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk® Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate Law Commission launches consultation on burial and cremation laws The Law Commission has opened a consultation to modernise burial and cremation law, parts of which are more than 170 years old. Draft proposals cover regulation of burial grounds; grave re-use and reclamation; closed and disused burial sites, and exhumation; rights afforded to the Commonwealth War Graves Commission; and cremation law. Feedback is invited from the public, specialists...

In this issue: Disputes and remedies Repairing obligations and dilapidations Service charges Contractual issues Rent and rates Enforcing security and property insolvency Property disputes in Scotland Additional Property Disputes updates LexTalk® Property Disputes: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&As Disputes and remedies Costs application following a partly successful rights to light claim (Cooper v Ludgate House) In Cooper v Ludgate House Ltd [2026] EWHC 484 (Ch), the Chancery Division addressed costs after a decision where flat leaseholders proved both rights to light and their infringement by the developer’s project. Damages in lieu were ordered on a negotiating basis—£350,000 for Mr Cooper and £500,000 for the Powells—while an injunction compelling the defendant to reduce the building to avoid actionable interference was refused (see Cooper v Ludgate House; Powell v Ludgate House [2025] EWHC 1724 (Ch)). The central...

A bankrupt is discharged from bankruptcy one year after the bankruptcy begins, unless the court suspends that discharge because the bankrupt has failed to co-operate with the official receiver (OR) or the trustee in bankruptcy (trustee) (IA 1986, s 279). On discharge, the disqualifications and restrictions that apply to an undischarged bankrupt come to an end. For further detail on those disqualifications and restrictions, see Practice Note: The immediate effects of a bankruptcy order on the bankrupt. What is the bankruptcy restrictions regime and why was it introduced? In cases where bankruptcy is not the product of honest misfortune, but arises from the bankrupt’s misconduct or recklessness, it is regarded as appropriate that the bankruptcy disqualifications and restrictions should continue for longer than one year, to protect the public interest and act as a deterrent. Accordingly, the Enterprise Act 2002 (EnA 2002) introduced a new section (IA 1986, s 281A) and a Schedule (IA 1986, Sch 4A) into the IA 1986, so that, from 1 April 2004, the...

Introduction and background The Bankruptcy (Scotland) Act 1985 (B(S)A 1985) took effect in 1986 and laid out, in detail, the processes for managing sequestration (Scottish bankruptcy). When the Insolvency (Scotland) Rules 1986, SI 1986/1915, were issued shortly afterwards for corporate insolvency in Scotland, they drew upon the newly enacted B(S)A 1985 provisions and tailored them for liquidation, particularly for adjudication of claims, accounting periods, and approval of the liquidator’s remuneration. Accordingly, the 1986 liquidation rules directed readers to the relevant parts of B(S)A 1985, with instructions to read ‘liquidation’ for ‘sequestration’ and ‘liquidator’ for ‘trustee’. With the advent of the ‘new’ administration regime in 2003 under the Enterprise Act 2002, the administration rules covering adjudication of claims, accounting periods and approval of the administrator’s remuneration simply cross-referenced the liquidation rules, which themselves referred back to sequestration and B(S)A 1985. Thus, the approach to adjudication of claims and the approval of remuneration across sequestration, liquidation and administration was broadly consistent and founded on B(S)A 1985. The Insolvency (Scotland) Amendment Rules...

Effect of a bankruptcy restrictions order The effect of a bankruptcy restrictions order (BRO) is to place extensive limits on a bankrupt. These mirror the constraints in force before discharge from bankruptcy, and there are further prohibitions beyond insolvency law, e.g. not serving as a local councillor. Where a bankrupt is made subject to a BRO, those limits persist for the length of the BRO, irrespective of whether discharge has occurred. Failing to observe a BRO is a criminal offence. Anyone breaching a BRO may face prosecution and can be fined, imprisoned, or both. Further information on the restrictions arising from a BRO is outlined below. Duration of a BRO A BRO under the Insolvency Act 1986 (IA 1986) may run from two to fifteen years. The period imposed in any case is set by reference to the seriousness of the misconduct that resulted in the BRO being made...

1 In clause 2 below, ‘the Sum’ means the amount arrived at by dividing £[ insert amount of legacy ] by the figure in the Index of Retail Prices for the month in which this Will is executed, allowing for any re-basing of that Index that may have occurred in the interim, and then multiplying by the corresponding figure in that Index for the month of my death. If, at that time, the latter figure is unavailable (whether because that Index has ceased publication or for any other reason), my Trustees—who may, if they think fit, refer to any other index they consider relevant and obtain whatever advice they deem appropriate—shall decide what, in their opinion, that figure would have been had it been available, and shall use the figure they determine for this calculation; their decision shall bind [ insert name of beneficiary ] and all persons interested in my estate. 2 I give the Sum [ free of tax ] to [ insert full name...