Among the charges which may be registered in the register of land charges1 are a puisne mortgage, that is, a legal mortgage which is not protected by a deposit of documents relating to the legal estate affected2, and a general equitable charge, that is, any equitable charge which is not secured by a deposit of documents relating to the legal estate affected, and does not arise or affect an interest arising under a trust of land or settlement, and is not a charge given by way of indemnity against rents equitably apportioned or charged exclusively on land in exoneration
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The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these to the company's or individual's creditors. Office-holders have various duties and powers in order to ensure that they do this. For
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
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