This Practice Note will give a basic overview of what amounts to an administration expense and some of the case law on this topic. Expenses of an administration are...
Sale by a mortgagee destroys the equity of redemption in the mortgaged property. The sale defeats the rights of all subsequent incumbrancers, whose remedy then is only...
Date[insert date of appointment] Parties 1 [insert name of Lender] of [insert address][incorporated in England and Wales with company registration number [insert company...
Bankruptcy is an insolvency process for individuals, which commences on the day the bankruptcy order is made. Until 6 April 2016, unlike its corporate equivalent...
When a bankruptcy order is made, a bankrupt’s property normally automatically vests in the Official Receiver/trustee in bankruptcy. However, property owned by the...
Bankruptcy searches at the Land Charges Department When a bankruptcy petition is presented by a creditor, the court shall as soon as reasonably practicable send to the...
When an individual is adjudicated bankrupt, his property (with the exception of an interest in various short-term residential tenancies in certain circumstances) vests in...
Dissolution A company is dissolved (or deemed dissolved) following: • liquidation • administration • striking off its name off the register by the Registrar of Companies...
Joint and several liability Where a covenant is given by two or more persons, they may be liable: • jointly • severally, or • jointly and severally The applicable...
Repayment covenant A claim under the repayment covenant in the principal mortgage can be made against any covenantor, whether principal or surety. Whether or not a...
This Practice Note details the deadlines for carrying out some of the more common tasks for property disputes lawyers, together with links to further information. It is...
Background Certain transactions entered into by a company within a specified period before insolvency may be set aside, or otherwise adjusted, by the court on the...
This Practice Note sets out the position from 6 April 2017. It does not necessarily reflect the position pre–6 April 2017. Drafting and serving a statutory demand This...
This Practice Note provides guidance as to the practice and procedure which applies on the winding up of a company (the debtor) pursuant to a creditors’ winding-up...
Bankruptcy in England and Wales is a process by which the court or the bankruptcy adjudicator adjudicates an individual bankrupt by making a bankruptcy order. While a...
What is a CVA? A company voluntary arrangement (CVA) is an arrangement between a company and its creditors, supervised by an IP (who is known as the supervisor once the...
What is a DRO? DROs are 'a new and simplified way of wiping the slate clean for debtors who are too poor to go bankrupt.' A DRO is made in respect of qualifying debts. A...
Conditions for making a bankruptcy order When hearing a bankruptcy petition and deciding whether a bankruptcy order should be made, the court needs to be satisfied that...
When either a company or an individual is served with a statutory demand, the warning bells should be ringing, as failure to act on that demand within 21 days (for...
Bona vacantia means ‘goods without an owner’ and is a relevant consideration where any company is at risk of being struck off and dissolved. Any assets which have not...
Impact of appointment The effect of the appointment of an LPA/fixed charge receiver is very different from that of an appointment of an administrator, liquidator or...
This Practice Note considers some issues that may arise in the context of the enforcement of security by the appointment of a receiver over property that is subject to a...
Security over land can be taken by way of mortgage or charge with the appropriate form often depending on the significance of the land to the borrower's business or the...
Nature of mortgages and charges Mortgages and charges are distinct forms of security. A mortgage can be legal or equitable and involves the transfer of a legal or...
See Practice Note: Legal mortgages and legal charges. Equitable mortgages Certain historical advantages to an equitable mortgage over a legal mortgage no...
Escheat Paramount lordship of the Crown The principle which underlies the doctrine of escheat is a remnant of the feudal system of land tenure. Under that system, all...
