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during the period of Bankruptcy; (ie between the date of the Bankruptcy Order and the date of discharge). A Bankrupt must notify the Official Receiver or Trustee of the after-acquired asset within 21 days of becoming aware of its existence.
If a Bankrupt fails without reasonable excuse to disclose an after-acquired asset, they can be found guilty of contempt of court and may be liable to imprisonment and/or a fine.
In addition, if a Bankrupt has not yet been discharged from their Bankruptcy, the Official Receiver or Trustee may apply to the court for a suspension of the discharge from the Bankruptcy, or a Bankruptcy Restrictions Order.
The Official Receiver or Trustee has 42 days from the date which it first came to their knowledge that the after-acquired asset had been acquired by, or given to, the Bankrupt to make a claim for the after-acquired asset.
If the Official Receiver or Trustee do not serve a notice claiming the afteracquired asset within 42 days of receiving notice of it, normally unless the court extends the time period for serving the notice, the asset will not form part of the Bankruptcy estate and can remain with the Bankrupt.
[See ‘Bankruptcy’, ‘Trustee in Bankruptcy’, ‘Official Receiver’, ‘Insolvency Act’, ‘Bankruptcy Order’ and ‘Bankruptcy Restriction Order’.]
An all moneys clause in a Retention of Title (RoT) contract (whereby legal title of goods are retained by the vendor or seller of the assets, such as stock) states that legal title to the assets passes only when the payments under all contracts with the vendor or supplier are made.
[See ‘Retention of Title’ and ‘RoT’.]
An Administrator, Liquidator and Trustee in Bankruptcy must prepare and deliver reports about the progress made in the insolvency, in accordance with the Insolvency Rules 2016.
