Lismore v Davey & Anor [2014] NICh 2 (11 February 2014)

Lismore v Davey & Anor [2014] NICh 2 (11 February 2014)

Once the 3-year period under Article 256A(2) has expired without the Trustee taking steps to realise the interest or applying for an extension, the interest in the home automatically vests in the bankrupt and the court has no power to re-vest it in the Trustee.

Citation
[2014] NICh 2
Parties
Bankrupt: James Joseph Davey; Respondent: Patricia Davey; Trustee: Trustee in Bankruptcy
Jurisdiction
Northern Ireland
Judgment Date
11 February 2014
Procedural Posture
Bankruptcy Appeal / Appeal From Master Kelly's Decision
Outcome
Appeal dismissed; Master's decision affirmed.
Legal Topics
Trustee's Powers, Re Vesting of Property, Time Limits for Realisation of Assets, Extension of Statutory Periods
Insolvency Bankruptcy Trustee's Powers Re Vesting of Property Time Limits for Realisation of Assets Extension of Statutory Periods

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Parties

James Joseph Davey

Bankrupt

Patricia Davey

Respondent

Trustee in Bankruptcy

Trustee

Procedural Posture

Bankruptcy Appeal / Appeal From Master Kelly's Decision

Legal Issues

  1. 1 Whether the Trustee can realise the bankrupt's interest in the family home after the 3-year statutory period has expired
  2. 2 Whether the court can substitute a longer period for the 3-year limit after its expiry

Ratio Decidendi

Once the 3-year period under Article 256A(2) has expired without the Trustee taking steps to realise the interest or applying for an extension, the interest in the home automatically vests in the bankrupt and the court has no power to re-vest it in the Trustee.

Court Disposition

Appeal dismissed; Master's decision affirmed.

Orders

  • Trustee's application to substitute a longer period refused.
  • Interest in the home remains vested in the bankrupt.