insolvent estate

insolvent estate
England, Wales
The assets that an insolvency practitioner may deal with for the benefit of creditors, upon his appointment to manage the affairs of an insolvent entity.
In the case of an insolvent company, the insolvent estate comprises those assets to which the company has title (including those assets over which it has created fixed charges or floating charges, but not those assets that the company has possession of but which are owned by a third party) (rule 13.8(1), Insolvency Rules 1986)
In the case of a bankrupt individual, it comprises those assets (other than tools of a trade and essential domestic items):
• which the individual has a beneficial interest in at the date of his bankruptcy; and
• which the individual acquires an beneficial interest in during his bankruptcy, provided that the trustee in bankruptcy has served notice that those subsequently acquired assets form part of the bankruptcy estate. (Sections 283 and 307, Insolvency Act 1986)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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