« Back to Glossary Index
A bankruptcy search is a check performed before distributing an inheritance to determine if a beneficiary is bankrupt. If so, the inheritance may be redirected to pay off their debts.
Legal Relevance:
- If a beneficiary is bankrupt, the inheritance is diverted to the Trustee in Bankruptcy to settle debts, under the Insolvency Act 1986.
- Trustees/executors should carry out bankruptcy searches before making distributions.
Sources:
- Wikipedia – https://en.wikipedia.org/wiki/Bankruptcy
- Wikidata – https://www.wikidata.org/wiki/Q152074
- Knowledge Graph – https://www.google.com/search?kgmid=/m/01hhz
- DBpedia – http://dbpedia.org/resource/Bankruptcy
- Product Ontology – http://www.productontology.org/id/Bankruptcy
