On the occurrence of bankruptcy, the trustee must take immediate possession or control of the bankrupt’s property, as that property is now “available” to the trustee for the benefit of creditors generally and vests in the trustee for that purpose.  However, a bankrupt may not always co-operate with his or her trustee and will often refuse to deliver up property to the trustee or even allow the trustee on to the premises where the property is held.

A relevant example

Upon appointment, a liquidator will generally exercise control of as much of the company’s property as is available, so that it can be realised for the benefit of creditors.  However, in some cases, a liquidator may not wish to retain certain property if it is unlikely that such property will provide a return to the liquidation.

On the occurrence of bankruptcy, the trustee must take immediate possession or control of the bankrupt’s property, as that property is now “available” to the trustee for the benefit of creditors generally and vests in the trustee for that purpose.  However, a bankrupt may not always co-operate with his or her trustee and will often refuse to deliver up property to the trustee or even allow the trustee on to the premises where the property is held.

A relevant example

Introduction

In the hire industry, it is common for hirers to incur significant exposure on customer accounts where credit is extended in circumstances where security is not provided.  In a difficult economic climate, ensuring your customers promptly pay for hired goods, or pay at all, can be challenging. 

A recent analysis^[1] has found that: