As per British law, a bankruptcy trustee takes charge of a bankrupt person’s financial and physical assets The Insolvencies and Companies Court of London High Court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya’s personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders – at whose behest the bankruptcy proceedings were initiated in the UK courts. What are the consequences for Vijay Mallya , lenders: As per British law, a bankruptcy trustee takes charge of a bankrupt person’s financial and physical assets, including his credit, debit cards, bank accounts, etc. The trustee would reconcile all assets and liabilities to pay off debtors. Till a person is on the bankrupt list, there are restrictions on personal spending by the bankrupt person. Such a person would also need court’s permission to engage in business ...