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NI: Trustee in bankruptcy ordered to pay £122K for sale of property at undervalue
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Northern Irish High Court determines that trustee in bankruptcy was in breach of his duty in selling property at an undervalue and orders payment of STG£122,500 to estate of bankrupt.
Bankruptcy - probate - application by widow, executrix of estate - claim against trustee in bankruptcy to estate of late husband - whether sale of house and lands by trustee was at undervalue and in breach of duty - Article 278(2) of the Insolvency Order (NI) 1989 - function of trustee in bankruptcy - "to get in, realise and distribute" estate of bankrupt - discretion of trustee - Administration of Insolvent Estates of Deceased Persons Order (NI) 1991 SR&O No 365, para 22 - 1995 bankruptcy - sale of property in 2005 - reliance of trustee on advice of auctioneer - failure to erect sign boards outside house - failure to advertise in newspapers - whether sale was at undervalue - whether breach of duty contributed to sale at undervalue - compensation.
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