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A bankruptcy Trustee has a duty to realise any assets capable of commercial realisation for the benefit of creditors of the bankrupt estate. All of the bankrupt’s divisible property owned prior to bankruptcy vests in a Trustee in bankruptcy as at the commencement of bankruptcy.
A bankrupt’s property (other than cash) will revest back to the bankrupt 6 years after the bankruptcy discharge date if the property is disclosed in the bankrupt’s Statement of Affairs. In relation to after-acquired property disclosed subsequent to the discharge date, the revesting date is 6 years after the date that the bankrupt disclosed the property to the Trustee. This means if the Trustee has not dealt with the property, ownership reverts to the now ex-bankrupt.
The Trustee is also unable to make a claim to any of the bankrupt’s property after the expiration of 20 years from the date of bankruptcy.
How Vincents can help
Speak to our Restructuring & Recovery specialists today to understand your rights, obligations and options during bankruptcy, and how to best protect your financial future.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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