Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bankruptcy definition

What does Bankruptcy mean? Bankruptcy is the formal insolvency process for individuals who cannot pay their debts. It halts most enforcement, vests the bankrupt’s estate in a trustee, and realises assets and surplus income for creditors until discharge. In England and Wales, under the Insolvency Act 1986, a debtor applies online to the Adjudicator for a bankruptcy order; creditors petition the court. The Official Receiver acts as trustee unless an insolvency practitioner is appointed. Discharge is usually after 12 months; income payment orders/agreements can run up to three years; bankruptcy restrictions orders may extend restrictions. Scotland uses sequestration under the Bankruptcy (Scotland)...

Trustees in bankruptcy under SBEEA 2015 (England and Wales): automatic appointment of the Official Receiver, IA 1986 s291A changes, consequential amendments and policy background [Archived]

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Practice notes

This Practice Note has been archived and is not maintained.

The Small Business, Enterprise and Employment Act 2015 (SBEEA 2015) obtained Royal assent on 26 March 2015, delivering a package of reforms and statutory clarifications designed to keep the UK recognised worldwide as a dependable, fair environment for commerce while creating fresh scope for small firms to innovate and compete. The Act introduced a range of company and insolvency measures to underpin a robust regulatory framework for those responsible for administering insolvencies. Within this Practice Note we address the provisions relevant to trustees in bankruptcy, located in SBEEA 2015, section 133 and Schedule 10. These provisions took effect on 6 April 2017 under the Small Business, Enterprise and Employment Act 2015 (Commencement No 6 and Transitional and Savings Provisions) Regulations 2016, SI 2016/1020. SBEEA 2015 is supported by Explanatory Notes (prepared by the Department for Business, Innovation and Skills—now the Department for Business, Energy & industrial strategy), in conjunction with HM Treasury, HMRC, UK Export Finance, the Cabinet Office, the Department for Education, the Department for Communities and Local Government, the Department of...

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Web page updated on 22/05/2026

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