Contents
Particularly notable requirements come from two parts of the legislation, firstly section 14 and more importantly 15, where the requirements for consideration in determining applications are dealt with. Secondly, the imposition of section 335a in the Insolvency Act 1986.
Section 15
- The matters to which the court is to have regard in determining an application for an order under section 14 include -
- the intentions of the person or persons (if any) who created the trust.
- the purposes for which the property subject to the trust is held,
- the welfare of any minor who occupies or might reasonably be expected to occupy any land subject to the trust as his home, and
- the interest of any secured creditor of any beneficiary.
Insolvency Act 1986, S. 335a
(3) Where such an application is made after the end of the period of one year beginning with the first vesting under chapter IV of this part of the bankrupt's estate in a trustee, the court shall assume, unless the circumstances of the case are exceptional, that the interests of the bankrupt's creditors outweigh all other considerations.
Read more about this topic: Trusts Of Land And Appointment Of Trustees Act 1996
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