December 2007
(Amended February 2014)
An asset which is perceived to be unusual should not necessarily be treated in a different manner to any other asset. Specialists may be required to provide valuations for insurance purposes or to ascertain whether the realisation of the asset would benefit the estate. Wherever possible information supplied by the directors, partners or bankrupt should be independently verified as the unusual nature of an asset may make it easier for misleading information to be supplied.
In the first instance, the official receiver should arrange insurance for all assets of an unusual nature. The insurance should be cancelled following the guidance in paragraph 49.27B when an insolvency practitioner is appointed, the asset is sold, disclaimed, otherwise disposed of, or proves to be worthless.
(Amended February 2014)
Unusual assets are not included in this chapter except where they relate to unusual business. For advice relating to the protection and realisation of assets generally reference should be made to the following chapters of the technical manual:
Chapter 8 - Inspection, protection and collection of assets;
Chapter 31 - Realisation of assets;
Chapter 32 - Employment of agents; and
Chapter 49 – Insurance.
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