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Bankruptcy search – protection

A reminder of what a K16 bankruptcy search does. It checks whether, in the last five years, the name searched against has been subject to (1) a petition in bankruptcy (in the register of pending actions); (2) a receiving order in bankruptcy (a bankruptcy order in the register of writs and orders); or (3) a deed of arrangement (in the register of deeds of arrangement).

Such entries expire automatically after five years; the certificate given as the result of the search (K17) should show that there are no subsisting entries. The point of obtaining the K17 certificate is to give a priority period: any entry made in the register after the date of the certificate, but before the completion of the purchase, will not affect the purchaser provided (1) the purchase is completed within 15 working days of the date of the certificate, and (2) the entry in the register was not protected by a priority notice. The protection period given by K17 protects the purchaser, and also the purchaser’s mortgagee. 

 

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