Section 569 Assets of insolvent person

subscription or 30 day access with no obligation

(1) In this section, "deed of arrangement" means a deed of arrangement to which the Deeds of Arrangement Act, 1887, applies.

When am I considered to be an "arranging debtor"?

(1) You are an arranging debtor if you are a debtor who has made an arrangement with your creditors in the form of a deed of arrangement under the Deeds of Arrangements Act, 1887.

(2) In relation to assets held by a person as trustee or assignee in bankruptcy or under a deed of arrangement, the Capital Gains Tax Acts shall apply as if the assets were vested in, and the acts of the trustee or assignee in relation to the assets were the acts of, the bankrupt or debtor (acquisitions from or disposals to such person by the bankrupt or debtor being disregarded accordingly), and tax in respect of any chargeable gains which accrue to any such trustee or assignee shall be assessable on and recoverable from such trustee or assignee.

How am I treated for CGT where I act as trustee or assignee for an insolvent person?

(2) Your acts as a trustee or assignee in bankruptcy in relation to the assets of a bankrupt, or arranging debtor, are regarded as the acts of the bankrupt, or arranging debtor....

to read the full commentary

(3) Assets held by a trustee or assignee in bankruptcy or under a deed of arrangement at the death of the bankrupt or debtor shall for the purposes of the Capital Gains Tax Acts be regarded as held by a personal representative of the deceased, and-

(a) subsection (2) shall not apply after the death, and

(b) section 573(2) shall apply as if any assets held by a trustee or assignee in bankruptcy or under a deed of arrangement at the death of the bankrupt or debtor were assets of which the deceased was competent to dispose and which then devolved on the trustee or assignee as if the trustee or assignee were a personal representative.

What is the tax position where I hold assets as trustee for a bankrupt person who dies?

(3) On the death of the bankrupt or arranging debtor, assets held by you as his/her trustee or assignee are to be treated as held by the deceased's personal representative....

to read the full commentary

(4) Assets vesting in a trustee in bankruptcy after the death of the bankrupt or debtor shall for the purposes of the Capital Gains Tax Acts be regarded as held by a personal representative of the deceased, and subsection (2) shall not apply.

How do I treat assets which I collect after the death of a bankrupt person?

(4) Assets which you collect after the deceased's death are also treated as held by a personal representative of the deceased.