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Property insolvency

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Featured Restructuring & Insolvency content

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

What is a statutory declaration of solvency, and what happens if a false declaration of solvency is made

Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For...

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016

The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to...

Effect of equitable, contractual and structural subordination

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

Debt for equity swaps

Debt for equity swaps

A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...

Practice notes

US ipso facto clauses

Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...
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Produced in partnership with Julie Lanz of Skadden Arps Slate Meagher & Flom LLP 9th Nov
Practice notes

Winding-up and administration searches for companies at the Central Registry

STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...
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Produced in partnership with Stephen Allinson 9th Nov
Practice notes

Covenant waivers and resets

One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary...
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9th Nov
Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
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9th Nov
Practice notes

Practice Direction on Insolvency Proceedings

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes

Proprietary claims

Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...
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9th Nov
Practice notes

Effect of a moratorium in a company voluntary arrangement (CVA) on creditors and the company [ARCHIVED]

The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 9th Nov
Practice notes

Equitable accounting—how it works in practice

This Practice Note looks at equitable accounting, what it is, how and when it applies. It does not look at how the trustee in bankruptcy (trustee)...
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9th Nov
Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...
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9th Nov
Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 9th Nov
tag iconIn-house
Practice notes

Key features of securitisation and asset based lending

BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
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9th Nov
Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...
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Produced in partnership with Julie Lanz of Skadden Arps Slate Meagher & Flom LLP 9th Nov
tag iconIn-house
Practice notes

A guide to independent business reviews

This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...
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Produced in partnership with Allan Kelly of RSM 9th Nov
Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes

Interim receivers

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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Produced in partnership with South Square and BDO LLP 9th Nov
Practice notes

Out-of-court administration appointments by a QFCH—the procedure

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov

Most recent Property insolvency content

Precedents

Deed of release by a chargeholder

Dated the [insert day and month] 20[insert year]Parties1[name of Lender] a company incorporated in [England and Wales] under number [insert company...
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4th Dec
Practice notes

The administrator and charged property

The success of an administration will often depend on the value of the assets available to the company and the administrator's ability to deal with...
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Produced in partnership with Tom Shepherd of 4 New Square 4th Dec
Practice notes

Recovering rent arrears

Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been...
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4th Dec
tag iconCOVID-19 tag iconIn-house
Practice notes

Property law aspects of Company Voluntary Arrangements (CVAs)

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
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Produced in partnership with Matthew Ditchburn and Lien Tran of Hogan Lovells International LLP 1st Dec
Practice notes

CVAs—landlord issues and remedies

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...
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1st Dec
Practice notes

CRC Initial Phase (Phase 2)—issues in restructuring and insolvency

Restructuring and insolvency professionals may find themselves working with businesses with obligations under the CRC Energy Efficiency Scheme (CRC...
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1st Dec
Precedents

Contract for sale—sale by trustee in bankruptcy or by bankrupt co-owner incorporating the Standard Conditions of Sale (Fifth Edition)

dated [date]Parties1[[name of Trustee in Bankruptcy] of [address] (the trustee in bankruptcy of the estate of the Debtor) (the Trustee in Bankruptcy)...
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1st Dec
Practice notes

Administration expenses

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...
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Produced in partnership with Jamil Mustafa of South Square 30th Nov
Practice notes

Effect of non-registration of security at Companies House and/or HM Land Registry

In an enforcement scenario, it is necessary to confirm that the charge under which you wish to appoint a receiver is valid. This Practice Note...
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Produced in partnership with Rickaby Shearly-Sanders 30th Nov
Practice notes

Brexit—impact on environmental law

As a result of the 23 June 2016 UK referendum on membership of the EU, which voted with a 52% majority voting in favour of the UK leaving the EU,...
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30th Nov
tag iconBrexit
Q&As

Following the appointment of a receiver to a property, does the mortgagor have any power to deal with the property? Would this extend to serving a schedule of dilapidations?

Law of Property Act 1925 (LPA)/fixed charge receiver agencyAn LPA/fixed charge receiver is deemed to be agent of the mortgagor (not the mortgagee) and...
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30th Nov
Practice notes

Effect of appointment of LPA or fixed charge receiver on property

Impact of appointmentThe effect of the appointment of an LPA/fixed charge receiver is very different from that of an appointment of an administrator,...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 30th Nov
Practice notes

Brexit—impact on administration

Status of the UKAs of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK...
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30th Nov
tag iconBrexit
Practice notes

Taxation in corporate insolvency—the principal issues in outline

STOP PRESS relating to insolvency and tax: Finance Act 2020 introduced provisions where:•with effect for business insolvencies that commence on or...
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Produced in partnership with David Irvine of Kirkland & Ellis LLP, Stuart Pibworth of Weil, Gotshal & Manges (London) LLP and Philip Ridgway of Temple Tax Chambers 29th Nov
Practice notes

Commercial rent arrears recovery (CRAR)

Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been...
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29th Nov
tag iconCOVID-19
Q&As

Does the administration moratorium that arises under paragraphs 42–43 of Schedule B1 to the Insolvency Act 1986, prevent a landlord from implementing a rent review?

A rent review is a process agreed by a landlord and a tenant in a rent review clause in their lease whereby a party (usually a landlord) can send a...
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Produced in partnership with Alexander Stewart of Hogarth Chambers 29th Nov
Q&As

What are the pros and cons of a landlord drawing down against a rent deposit before or after a tenant enters administration? Is there any risk that the administrator could seek to hand over the deposit balance on their appointment or is it the case that the administrator may, in certain circumstances (depending on how the deposit is held), just be asked to consent to the deposit draw down? Is a landlord prevented from drawing down on the deposit as a result of the moratorium in administration, and how do the Financial Collateral Arrangements (No 2) Regulations 2003 affect this?

Rent deposits are largely intended to protect a landlord in the event of a tenant's failure to pay rent falling due under a lease. Nonetheless, a...
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Produced in partnership with Simon Mcllroy of Charles Russell Speechlys 29th Nov
tag iconCOVID-19
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?

It is likely that the plots will be covered by some sort of new homes guarantee, for example NHBC Buildmark Cover (see Practice Note: New home...
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29th Nov
Q&As

Under the terms of a company voluntary arrangement, a company has served a break notice on a landlord. The company enters into administration prior to the break date, what is the impact?

Company voluntary arrangementsA company voluntary arrangement (CVA) is a statutory contract between the company and its creditors and is used by a...
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29th Nov
Q&As

Is interest payable on arrears of rent for a period after the appointment of an administrator to a tenant, or does the moratorium prevent interest from accruing?

In administration a company enjoys certain protection from creditors by virtue of a moratorium imposed by paragraph 43 of Schedule B1 to the...
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29th Nov

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LEXISNEXIS

Facilitation payments under the Bribery Act 2010

Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some

LEXISNEXIS

The doctrine of res judicata

What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by

LEXISNEXIS

Third party rights—the common law doctrine of privity of contract

This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third

LEXISNEXIS

Mistake in contract law

This Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of mistake on the contract and