Lewis and Another v Metropolitan Property Realisations Ltd
| Jurisdiction | England & Wales |
| Judgment Date | 21 November 2008 |
| Neutral Citation | [2008] EWHC 2760 (Ch) |
| Date | 21 November 2008 |
| Court | Chancery Division |
Chancery Division
Before Mrs Justice Proudman
A trustee in bankruptcy who sold the estate's interest for deferred contingent consideration "realised" the interest within the meaning of section 283A(3)(a) of the Insolvency Act 1986.
There was nothing in section 283A, introduces by section 261 of the Enterprise Act 2002, requiring any realisation for the purposes of that section to be on terms more restrictive than those available to the trustee generally under the 1986 Act.
Mrs Justice Proudman so held in the Chancery Division on November 21, 2008, when rejecting an application by Paul Warren Lewis and Gonda Taryn Lewis that the interest of Mr Lewis, a former bankrupt, in their dwelling house had reverted to him and had not been realised in favour of the respondent, Metropolitan Property Realizations Ltd.
HER LADYSHIP said that section 283A (3)(a) required only the estate's interest in the property to be realised, not, where there were co-owners, the underlying property itself.
The joint trustees had assigned all the estate's interest in return for the assignee's obligation to pay them consideration at some future time and on a contingent event.
Her Ladyship therefore concluded that the joint trustees had realised the interest by...
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