Q&As

A client is in voluntary liquidation and has the benefit of an overage over some land. The liquidation should be finalised shortly. Can the benefit of the overage be assigned to a third party before its finalised?

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Produced in partnership with Simon Passfield of Guildhall Chambers
Published on LexisPSL on 22/02/2018

The following Restructuring & Insolvency Q&A Produced in partnership with Simon Passfield of Guildhall Chambers provides comprehensive and up to date legal information covering:

  • A client is in voluntary liquidation and has the benefit of an overage over some land. The liquidation should be finalised shortly. Can the benefit of the overage be assigned to a third party before its finalised?

In answering this Q&A, we have considered the power of a liquidator to deal with the company’s assets after the commencement of liquidation.

Section 107 of the Insolvency Act 1986 (IA 1986), which applies to both members’ and creditors’ voluntary liquidation, provides that the company’s property shall, on winding up, be applied in satisfaction of the company’s liabilities and, subject to that application, shall (unless the articles otherwise provide) be distributed among the members according to their rights and in

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