The following Property guidance note provides comprehensive and up to date legal information covering:
This Practice Note gives an introduction to the main issues for property disputes lawyers in each of the most common forms of insolvency process, including the restrictions on enforcement action and issues for tenants with insolvent landlords, and gives links to further guidance.
An administrator may be appointed either:
out of court, either by the company, its directors or by the holder of a qualifying floating charge, or
by the court, on application by the company, its directors or any creditor
Administration affords protection while a recovery scheme is implemented. The objective is to, in order of priority:
rescue the company as a going concern, or
achieve a better result for creditors than if the company were wound up, or
realise property for the benefit of creditors
the administrator takes control of the company; the directors' powers are suspended
no proceedings can be taken or security enforced without consent of the administrator or court (the moratorium)
business usually continues but the company must make clear that it is in administration
If administrators do not retain the company’s leased premises for the benefit of the administration (either by occupying them, licensing them to another company or receiving rent) they will often seek to negotiate a surrender of the lease, sometimes by asking a landlord to sign and return a pre-printed form
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