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Louisa Siddivat, a liquidator and bankruptcy trustee, discusses important aspects of bankruptcy related to trusts. She confirms that an undischarged bankrupt can still be a trustee of a trust. However, she emphasizes the importance of clearly documenting the trust arrangement prior to its formation. In bankruptcy, assets owned or in which a person has a beneficial interest typically vest in the bankruptcy trustee, meaning they come under the trustee's control and are part of the bankrupt estate. Louisa notes there are some minor exceptions, which she has explained in other videos. Overall, she advises careful consideration and documentation of trust arrangements during bankruptcy.
