Bankruptcy

The applicant trustees in bankruptcy sought directions in a case where both a restraint order under the Proceeds of Crime Act 2002 and a subsequent bankruptcy order had been made against a bankrupt party, W. The High Court held that, on the proper construction of s 306A of the Insolvency Act 1986 and s 417 of the 2002 Act, all and any property which was or might become the subject of the restraint order and which would, but for the restraint order, be vested or be capable of vesting in the trustees, including any property acquired by or devolving upon W at any time between the commencement of his bankruptcy and the date of its discharge, would vest in the trustees as part of W’s bankruptcy estate immediately upon the discharge of the restraint order.