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 Pensions: exclusions, approved/unapproved schemes, IPOs, drawdown, and enforcement by judgment creditors—pre‑2000 and post‑2000 regimes with key authorities

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

The position of a Personal pension on Bankruptcy

Once a bankruptcy order is made, the Bankrupt’s Estate automatically passes to the official receiver, or to an insolvency practitioner appointed at that time, who serves as the first trustee in bankruptcy. Certain items are excluded, such as tools and equipment needed for the bankrupt’s trade, and clothing and similar essentials necessary to meet basic domestic needs. This Practice Note explains what happens to an individual’s pension entitlements when a bankruptcy order is made. It looks at the impact of bankruptcy on occupational, personal and state pension arrangements.

Bankruptcies predating 29 May 2000

This section applies to individuals made bankrupt following bankruptcy petitions lodged before 29 May 2000. Rights gained under personal and occupational pension schemes are generally recoverable by the trustee in bankruptcy. A debtor’s contractual rights under these arrangements are treated as choses in action within the broad definition of property in section 436 of the Insolvency Act 1986 (IA 1986). As a result, contributions are regarded as forming part of the bankruptcy estate and are therefore available for the benefit of the bankruptcy creditors...

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Philip Hinks

3 Verulam Buildings (3VB)

Philip, barrister at 3 Verulam Buildings, has a strong commercial practice which sees him regularly instructed in high-value and complex matters, particularly in relation to general commercial, company and insolvency disputes. He has a particular expertise in cases with a civil fraud angle. For example, he was part of the legal team representing the FCA in the Court of Appeal in what is the leading authority on collective investment schemes and the first fully-contested Unauthorised Business trial. He also represented the liquidator, led by Marcia Shekerdemian, in Re Ultraclass Ltd, where freezing and proprietary injunctions were obtained in support of misfeasance proceedings arising out of an alleged ‘land banking’ fraud. Chambers UK 2015 recommended Philip as a leading junior for Restructuring/Insolvency: "He exudes authority, and has the ability to grasp complex issues quickly." Previous directories quote Philip as...

Web page updated on 21/05/2026

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