261 Bankrupt's home
Enterprise Act 2002 (2002 c 40) | Legislation

261  Bankrupt's home

(1)     The following shall be inserted after section 283 of the Insolvency Act 1986 (definition of bankrupt's estate)—

“283A Bankrupt's home ceasing to form part of estate

(1)     This section applies where property comprised in the bankrupt's estate consists of an interest in a dwelling-house which at the date of the bankruptcy was the sole or principal residence of—

(a)     the bankrupt,

(b)     the bankrupt's spouse, or

(c)     a former spouse of the bankrupt.

(2)     At the end of the period of three years beginning with the date of the bankruptcy the interest mentioned in subsection (1) shall—

(a)     cease to be comprised in the bankrupt's estate, and

(b)     vest in the bankrupt (without conveyance, assignment or transfer).

(3)     Subsection (2) shall not apply if during the period mentioned in that subsection—

(a)     the trustee realises the interest mentioned in subsection (1),

(b)     the trustee applies for an order for sale in respect of the dwelling-house,

(c)     the trustee applies for an order for possession of the dwelling-house,

(d)     the trustee applies for an order under section 313 in Chapter IV in respect of that interest, or

(e)     the trustee and the bankrupt agree that

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