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Charging orders survive bankruptcy

18 August 2009

A recent decision will come as some relief to creditors who have benefit of a charging order.

In Nationwide Building Society v Wright & Another [2009], the Court of Appeal held that a charging order could not be set aside solely because of the subsequent bankruptcy of the landowner debtor.

Where a charging order is executed before a final bankruptcy order is made, the party with the benefit of the charging order will not be deprived of his security solely as a result of the bankruptcy order.  The court found that there would be a need for some additional reason before it would exercise its discretion to set aside the charging order.

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