Dealing with the family home

The matrimonial home is a central feature to many bankruptcy cases, as very often it's the most valuable asset and is therefore the best route for the trustee in bankruptcy (trustee) to ensure the creditors are paid a dividend. Because the matrimonial home is also often the place where the bankrupt and their family live, there are many issues which will affect how it is dealt with in a bankruptcy case. Such issues can often include:

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whether the trustee has an interest in the property at all
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whether any adjustments need to be made on the net sale proceeds
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whether the court should make an order for possession and sale, and
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the overlap with family law

The extent of the trustee's interest

The assets that vest in the trustee are the assets which comprise the bankruptcy estate. This includes all assets in which the bankrupt had a legal or beneficial interest at the time the bankruptcy order was made (see sections 283, 283A and 436 of the Insolvency Act 1986 (IA 1986)). For further reading, see:

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Definition of

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