No payment made for any year1 beginning on or after 1 April 1990 and ending on or before 31 March by way of grant to the council of a county or a metropolitan district2 in respect of the council's expenditure or estimated expenditure in connection with national parks3 is to be regarded as made otherwise than under and in accordance with the relevant enactments4 by reason only of:
(1) the aggregate amount of such grants for the year to such councils not having been duly prescribed
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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
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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