- Latest available (Revised)
- Original (As enacted)
There are outstanding changes not yet made by the legislation.gov.uk editorial team to Insolvency Act 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
This section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.
Commencement Orders bringing legislation that affects this Act into force:
(1)After section 421 of the M1Insolvency Act 1986 (power to apply provisions of Act to insolvent estates of deceased persons) there is inserted—
(1)This section applies where—
(a)an insolvency administration order has been made in respect of the insolvent estate of a deceased person,
(b)the petition for the order was presented after the commencement of this section and within the period of five years beginning with the day on which he died, and
(c)immediately before his death he was beneficially entitled to an interest in any property as joint tenant.
(2)For the purpose of securing that debts and other liabilities to which the estate is subject are met, the court may, on an application by the trustee appointed pursuant to the insolvency administration order, make an order under this section requiring the survivor to pay to the trustee an amount not exceeding the value lost to the estate.
(3)In determining whether to make an order under this section, and the terms of such an order, the court must have regard to all the circumstances of the case, including the interests of the deceased’s creditors and of the survivor; but, unless the circumstances are exceptional, the court must assume that the interests of the deceased’s creditors outweigh all other considerations.
(4)The order may be made on such terms and conditions as the court thinks fit.
(5)Any sums required to be paid to the trustee in accordance with an order under this section shall be comprised in the estate.
(6)The modifications of this Act which may be made by an order under section 421 include any modifications which are necessary or expedient in consequence of this section.
(7)In this section, “survivor” means the person who, immediately before the death, was beneficially entitled as joint tenant with the deceased or, if the person who was so entitled dies after the making of the insolvency administration order, his personal representatives.
(8)If there is more than one survivor—
(a)an order under this section may be made against all or any of them, but
(b)no survivor shall be required to pay more than so much of the value lost to the estate as is properly attributable to him.
(9)In this section—
“insolvency administration order” has the same meaning as in any order under section 421 having effect for the time being,
“value lost to the estate” means the amount which, if paid to the trustee, would in the court’s opinion restore the position to what it would have been if the deceased had been adjudged bankrupt immediately before his death.”
(2)In subsection (1) of section 421, after “apply” there is inserted “ in relation ”.
Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Click 'View More' or select 'More Resources' tab for additional information including: