Invariant subspaces of operator Lie algebras and Lie algebras with compact adjoint action

It is proved that a Lie algebra of compact operators with a non-zero Volterra ideal is reducible (has a nontrivial invariant subspace). A number of other criteria of reducibility for collections of operators is obtained. The results are applied to the structure theory of Lie algebras of compact operators and normed Lie algebras with compact adjoint action.