Government announces Lasting Power of Attorney “revamp”
While testators generally have freedom to decide how to dispose of their assets in England and Wales, there are limits to this freedom, including where a beneficiary of the estate is made bankrupt. If the testator passes away during the course of the beneficiary’s bankruptcy, the legacy will usually pass to the trustee in bankruptcy for the benefit of creditors instead of to the beneficiary.
The government has introduced two separate pieces of legislation aimed at redressing the abuse of “killing off” companies to escape liabilities. One recently came into force, the other is currently before parliament.
Daniel Staunton explores the inherent conflict between the jurisdiction of the bankruptcy courts and the family courts and asks which jurisdiction trumps the other? This article focuses on the authorities in relation to section 284 and when family court orders might be liable to be set aside as void dispositions
Mary Young explores how divorce settlements between spouses may be caught later down the line in bankruptcy proceedings as potential TUVs where there are dishonest motives.
What often happens when the insolvency courts and family courts collide; the potential effect a bankruptcy order of one spouse can have on a financial order made in favour of the non-bankrupt spouse and the different tests of each court.
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