Income of a bankrupt – “even accepting that chattels might … be received as income, a ship is a very different proposition”.
An unlikely case about the salvage of a 120 year old wooden ship – the Defender – has found its way into bankruptcy law, with the purported owner of the ship, now bankrupt, claiming that the ship he purchased should be characterised as ‘income’ and it should therefore be his to keep. While property of […]