A bankruptcy search should be performed in all cases where the parties to the transaction are individuals. It is not necessary to conduct a bankruptcy search against a limited company as a company cannot be made bankrupt. A vendor who is bankrupt cannot effect the sale of the property as all the assets of a bankrupt are vested in the Official Assignee.
A bankruptcy search by default is a search of the bankruptcy register of the Office Assignee in Bankruptcy for the previous 12 years, in addition to the EU Personal Insolvency Register, and the Personal Insolvency Registers maintained by the Insolvency Service of Ireland; namely the Register of Protective Certificates, The Register of Debt Relief Notices, The Register of Debt Settlement Arrangements and the Register of Personal Insolvency Arrangements.
If the Purchaser’s solicitor is aware that a vendor is based in another EU member state, or had previously been based in another EU member state, it would be important for the purchaser’s solicitors to verify that the vendor was not the subject of insolvency proceedings in another EU member state. Similarly, as personal insolvency proceedings may impact the vendor’s ability to transfer good title, the purchaser’s solicitor should ensure that personal insolvency searches are carried out.
Enki’s comprehensive Bankruptcy search gives peace of mind that all relevant registries are searched as a matter of course