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Property insolvency

Property insolvency guidance:
A CH1 charge by way of legal mortgage was obtained as security for a loan. The charge was not registered at HM Land Registry because there was a prior mortgagee who refused for the charge to be registered as their consent was not obtained. Can the second mortgagee prevent the mortgagor from selling the property at an undervalue, and could they apply to the court for an order that the property is sold at market value?

A CH1 charge by way of legal mortgage was obtained as security for a loan. The charge was not registered at HM Land Registry because there was a prior mortgagee who...

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?

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...

Q&As
A developer goes into administration, leaving a number of plots unbuilt. The developer had taken deposits from individual buyers in respect of those plots. Can the plot buyers recover the deposits?

A developer goes into administration, leaving a number of plots unbuilt. The developer had taken deposits from individual buyers in respect of those plots. Can the plot...

Q&As
A foreign company is the registered proprietor of property in England. The company has been dissolved. Who owns the property following the dissolution of the company and how should this be dealt with at HM Land Registry?

A foreign company is the registered proprietor of property in England. The company has been dissolved. Who owns the property following the dissolution of the company and...

Q&As
A judgment debtor sells a property that was subject to an interim charging order. The interim charging order was protected by a Form K restriction at HM Land Registry and the buyer’s solicitor complied with the terms of the restriction by giving notice to the judgment creditor. What remedies are available to a judgment creditor?

A judgment debtor sells a property that was subject to an interim charging order. The interim charging order was protected by a Form K restriction at HM Land Registry and...

Q&As
A landlord and tenant enter into a side letter stating that the tenant only has to pay 50% of rent. The tenant then enters into a company voluntary arrangement (CVA) and the lease is Cat A stating 100% of the passing rent is payable. Can the landlord now recover the 100% rent, or are they limited by the side letter agreement?

A landlord and tenant enter into a side letter stating that the tenant only has to pay 50% of rent. The tenant then enters into a company voluntary arrangement (CVA) and...

Q&As
A landlord let commercial premises to company A. The lease contained the usual forfeiture and re-entry provisions. Company A became insolvent and the directors of company A formed company B. The landlord demanded and accepted rent from company B, notwithstanding that there was no written agreement between them. Company B has now defaulted on the rent and the landlord wants to get them out. Can forfeiture provisions be implied or, if not how can the landlord get this tenant out of the premises?

A landlord let commercial premises to company A. The lease contained the usual forfeiture and re-entry provisions. Company A became insolvent and the directors of company...

Q&As
A legal charge over a property does not contain any power to appoint a receiver or take possession. The chargee needs to take possession of the property in order to discharge an outstanding debt. Would the correct procedure be for the chargee to apply for an order for sale or an order for possession?

A legal charge over a property does not contain any power to appoint a receiver or take possession. The chargee needs to take possession of the property in order to...

Q&As
A money judgment has been obtained. A British Virgin Islands company owns a property which is about to be sold. The judgment debtor is putatively a shareholder of the company registered as proprietor. There is a restriction on the property. Can it be said that the client is therefore an incumbrancer for the purposes of section 105 of the Law of Property Act 1925?

A money judgment has been obtained. A British Virgin Islands company owns a property which is about to be sold. The judgment debtor is putatively a shareholder of the...

Q&As
A private road is used to access a block of flats. The leases of the flats have a right of way over the road. The developer company who built the flats retained the private road but the company was dissolved in the 1970s. The management company of the flats owns the freehold to the block of flats. It has actively maintained and exercised control over the road for at least 30 years. Can the management company apply for title by way of adverse possession of the private road even though the flats have an express right of way over the road? If adverse possession is not possible, how can the management company acquire the freehold to the road?

A private road is used to access a block of flats. The leases of the flats have a right of way over the road. The developer company who built the flats retained the...

Q&As
A property has a Form K restriction registered against the proprietorship register in relation to a third party charging order. Notice of the proposed sale has been given to that third party. On sale of the property, is the seller under any obligation to pay the amount secured by the charging order to the third party?

A property has a Form K restriction registered against the proprietorship register in relation to a third party charging order. Notice of the proposed sale has been given...

Q&As
A seller has exchanged contracts for the sale of commercial land but fears that the buyer may go into administration before completion. If an administrator or other insolvency practitioner is appointed, will the seller be obliged to complete the contract?

A seller has exchanged contracts for the sale of commercial land but fears that the buyer may go into administration before completion. If an administrator or other...

Q&As
A tenant has entered into a company voluntary arrangement (CVA) and is consequently paying 50% of the contractual rent under the CVA. At the same time they are negotiating a new commercial lease regulated by the Landlord and Tenant Act 1954. Will an application made to the court adversely affect the amount of rent the tenant is paying? Also the landlord is entitled to give nine months notice under the CVA to bring the lease to an end. Can they still do this after protective proceedings have been commenced by the tenant?

A tenant has entered into a company voluntary arrangement (CVA) and is consequently paying 50% of the contractual rent under the CVA. At the same time they are...

Q&As
A tenant pursuant to a commercial lease has been dissolved. Can the landlord forfeit the lease for non-payment of rent by peaceable re-entry, as the most recent quarter's rent has not been paid or must the landlord ask the Treasury Solicitor to disclaim the lease? The former option would be quicker and therefore preferable so an explanation of why this cannot be done, if that is the case, would be helpful.

A tenant pursuant to a commercial lease has been dissolved. Can the landlord forfeit the lease for non-payment of rent by peaceable re-entry, as the most recent quarter's...

Q&As
A trustee in bankruptcy obtains an order for possession of the bankrupt's freehold property and is then informed that the bankrupt had granted a tenancy to a third party to occupy the property after the date of the bankruptcy order but before discharge. Is the trustee in bankruptcy bound by the tenancy or can he simply enforce the order for possession against the freeholder in the usual way?

A trustee in bankruptcy obtains an order for possession of the bankrupt's freehold property and is then informed that the bankrupt had granted a tenancy to a third party...

Q&As
Accepting a surrender from an insolvent tenant

The following Property Disputes practice note provides comprehensive and up to date legal information on Accepting a surrender from an insolvent tenant...

Practice notes
Administration sales involving property—process and options for a buyer

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information on Administration sales involving property—process and...

Practice notes
An individual co-owns property with their mother by virtue of a trust. The mother is now bankrupt. The mother's beneficial title to the relevant property therefore vests in her trustee in bankruptcy. The individual wishes to acquire their mother's beneficial title from the trustee in bankruptcy and they are agreeable to that arrangement. However, the individual also needs the legal title to be transferred to them to satisfy their lender. Can the trustee transfer the legal title by relying on the provisions in section 283(4) of the Insolvency Act 1986 granting them the power to call for such a transfer as the beneficial owner? The individual, as co-trustee and beneficiary, would consent to such an arrangement.

An individual co-owns property with their mother by virtue of a trust. The mother is now bankrupt. The mother's beneficial title to the relevant property therefore vests...

Q&As
An LPA/fixed charge receiver has agreed to sell some agricultural land to the proposed purchaser, who has been granted a license to occupy the property until completion for the purpose of separating the land from adjoining premises. What are the powers and duties of an LPA reciever?

An LPA/fixed charge receiver has agreed to sell some agricultural land to the proposed purchaser, who has been granted a license to occupy the property until completion...

Q&As
Appointment of LPA/fixed charge receiver

The following Restructuring & Insolvency precedent provides comprehensive and up to date legal information on Appointment of LPA/fixed charge receiver...

Precedents
Bankruptcy

The following Property practice note provides comprehensive and up to date legal information on Bankruptcy

Practice notes
Bankruptcy — sale and charging of the family home

The following Property practice note provides comprehensive and up to date legal information on Bankruptcy — sale and charging of the family home

Practice notes
Bankruptcy and co-ownership

The following Property practice note provides comprehensive and up to date legal information on Bankruptcy and co-ownership

Practice notes
In-house
Bankruptcy and the family home—equity of exoneration, anti-avoidance and re-vesting

The following Property practice note provides comprehensive and up to date legal information on Bankruptcy and the family home—equity of exoneration, anti-avoidance and...

Practice notes
Best price reasonably obtainable—what it means for receivers

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information on Best price reasonably obtainable—what it means for...

Practice notes
Bona vacantia and company property

The following Property practice note provides comprehensive and up to date legal information on Bona vacantia and company property

Practice notes
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