Jurisdiction(s):
United Kingdom

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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)...

Post‑exchange bankruptcy of tenant in common: innocent co‑owner’s liability and recourse

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Published by a LexisNexis Property Disputes expert

Q&As

This Q&A considers a tenant who is in a tenancy in common with another tenant, who petitions for Bankruptcy after exchange and before the Completion of a sale of the property that the two tenants own.

It examines the first co-owner’s exposure to the purchaser and what remedies he or she may pursue against the other co-tenant if the purchaser serves a notice to complete. As to contractual responsibility, this turns on the contract’s terms. By way of illustration, if the sellers have joint and several obligations, the innocent party is nonetheless answerable to the purchasers. For further details, see Practice Note: Joint, several, and joint and several liability...

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Web page updated on 27/05/2026

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