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All insolvency processes allow for the joint appointment of officeholders, if required. This will depend on the circumstances of the matter and the type of insolvency process.
Large and complex Administrations (such as that of the bank, Lehman Brothers International) will almost certainly appoint more than one officeholder. This is usually for practical reasons, to enable there to be more than one signatory available and to divide up jobs and responsibilities, particularly when trading a company, which can take a lot of manpower.
Usually the joint-appointees are from the same firm or business who work together on a case. It is also possible that officeholders from different practices may be appointed together, particularly where the creditors cannot agree on who should be appointed.
[See 'Administration' and 'Officeholder'.]
The individuals, who are called 'Joint Tenants', share equal ownership of the property and have the equal, undivided right to keep or dispose of the property.
Joint Tenancy creates a 'Right of Survivorship'. This right provides that if any one of the Joint Tenants dies, the remainder of the property is transferred to the survivor(s).
Bankruptcy of a Joint Tenant will automatically sever a 'bene.cial joint tenancy' as a matter of law. This means that the Joint Tenancy, effectively, comes to an end.
The Trustee in Bankruptcy should apply for appropriate restrictions, but does not always do so.
However, the Trustee in Bankruptcy of a joint owner does not acquire the legal estate, only the bene.cial interest of the Bankrupt under a trust of land.
