Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bankrupt definition

What does Bankrupt mean? An individual subject to bankruptcy proceedings, in which their estate vests in an insolvency office-holder who realises assets and distributes proceeds to creditors. In England and Wales and in Northern Ireland, a person becomes bankrupt on the making of a bankruptcy order, with the Official Receiver or a trustee in bankruptcy administering the estate. In Scotland, the equivalent status arises on an award of sequestration under bankruptcy legislation; the individual (referred to in statute as the debtor) is commonly described as bankrupt and is managed by a trustee. In Ireland, a person is adjudicated bankrupt under the Bankruptcy Act 1988,...

Bankruptcy and Co‑ownership of Land: Legal/Beneficial Interests, Severance, Overreaching, Form A/J Restrictions, Sale Applications and Home Re‑vesting (England and Wales)

Published by a LexisNexis Property expert

Practice notes

bankruptcy is an insolvency procedure for individuals, beginning on the date the bankruptcy order is made. This Practice Note examines the impact of a bankruptcy order on co-owned property.

Legal title to co-owned property does not vest in trustee in bankruptcy

Where two or more people own real property together, they hold it under a trust of land. When a bankruptcy order is made, a bankrupt’s property usually vests automatically in the Official Receiver/trustee in bankruptcy. However, property the bankrupt holds on trust does not. Thus, for co-owned property (whether as joint tenants or tenants in common), if one co-owner is made bankrupt, the legal title is unaffected; only the bankrupt’s equitable interest passes to the trustee.

As the legal interest remains with the co-owners as trustees (unless they are replaced as trustees), any transfer should be executed by the bankrupt and the other co-owner(s)—see: HM Land Registry Practice Guide 24: private trusts of land. Note that section 36(1) of the Trustee Act 1925 creates a power to replace an ‘unfit’ trustee—see Practice Note: Trustees—removal of trustees...

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Web page updated on 21/05/2026

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