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Security for debts and expenses of bankruptcy

Insolvency, Restructuring and Dissolution (Bankruptcy) Regulations 2020

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—(1) This regulation sets out the extent to which debts and expenses of a bankruptcy are to be paid or secured for the purposes of section 392(1)(b) of the Act, and the manner in which security is to be given.(2) For the purposes of section 392(1)(b) of the Act, all debts of the bankruptcy which have been proved, and all expenses of the bankruptcy, must be —(a)paid in full;(b)secured in full; or(c)paid in part or secured in part such that no part of any debt or expense is neither paid nor secured.(3) For the purposes of section 392(1)(b) of the Act, if a debt is disputed (regardless of whether the debt has been proved), or a creditor who has proved a debt can no longer be traced, the bankrupt must give security to satisfy any sum that may subsequently be proved to be due to the creditor and any expenses of the bankruptcy related to the debt as may be incurred.(4) Where security is given by a bankrupt in the case of a creditor who cannot be traced, the Court may, on a subsequent application by the bankrupt, order that the security be released if —(a)the particulars of the creditor, the debt and the security have been advertised in any manner that the Court thinks fit; and(b)no claim on the security is made within 12 months after the date of the advertisement (or the first advertisement, if more than one).(5) For the purposes of paragraphs (2) and (3), debts, expenses or any other sum may be secured by payment of money into court, a bond entered into with a surety or an undertaking by a solicitor.

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