a streamlined bankruptcy where the administration process is reduced in order to lower the costs of the administration and increase the amount that may be distributed to the creditors
a procedure which applies in bankruptcies based on a debtor's petition where the liabilities total less than £20,000. The Official Receiver usually acts as trustee and the bankrupt is normally discharged after two years.
Under the Bankruptcy and Insolvency Act, a summary administration bankruptcy is a consumer bankruptcy defined as a bankruptcy where the free and clear assets are less than $5,000. Summary administration bankruptcies have stream lined procedures, making them less costly to administer.
Administration used if assets are under $50,000.00 and the decendent died before 01/01/2002.
Administration used if assets are under $25,000 or the decedent has been dead for more than 2 years.
Where a Bankrupt has filed his or her own petition and the unsecured debts are less than the small Bankruptcy level (£20,000), the court can issue a certificate for the summary administration of the estate. In such cases the Bankrupt is discharged after two years. The Official Receiver will usually be the Trustee. The certificate for summary administration does not prevent the Official Receiver from seeking further information from you.
A personal bankruptcy where the realizable assets, net of secured claims, personal exemptions, and costs of administration, are not expected to exceed $10,000.
