Q&As

Our client entered into an agreement, under which a contingent right exists for a purchasing company to purchase various plots of land from our client over a number of years. The right was drafted to ensure that it was exclusive to the purchasing company, allowing no right of assignment. The purchasing company has since been dissolved and we understand that its assets have passed to the Crown bona vacantia. Is the Treasury Solicitor now able to enforce the rights under the contract to purchase land from our client? There is no right to terminate the contract upon dissolution.

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Published by a LexisNexis Property expert
Published on: 18 June 2021
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We have assumed that the purchasing company in question was not subject to any insolvency process immediately prior to its dissolution.

It is also assumed that the agreement entered into is in nature similar to a conditional contract or option exercisable upon the happening of specific events. The dissolved company has a contingent personal right to purchase property under the agreement.

A conditional contract is an agreement that only works if an uncertain event actually occurs. It is an agreement conditional upon a specific

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Dissolved definition
What does Dissolved mean?

In relation to a company, where that company ceases to exist as a legal entity at companies house.

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