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    Real Estate Tip of the Week - Disclaimer: A Short Guide
    2019-01-15

    If you are a landlord where the tenant company goes into liquidation you should consider your options carefully before taking any action.

    In such a case, the liquidator is able to disclaim “onerous property,” which is likely to include a lease at an open market (or similar) rent. The effect of the disclaimer is to bring the liability of the tenant company to an end as well as ending its interest in the property.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, DAC Beachcroft
    Authors:
    Anne Holden
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft
    Negotiating Events of Defaults under a loan agreement - what should a borrower be wary of?
    2019-01-23

    Events of Default are most often found in the context of loan agreements and are similar to termination rights that may be found in commercial agreements, albeit with potentially different consequences. An Event of Default is an event or circumstance relating to a borrower or its activities which will give rise to a right for a lender to refuse to make any further advances, demand immediate repayment of a loan, make a term loan repayable on demand and/or enforce its security.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Real Estate, Kingsley Napley, Misrepresentation
    Authors:
    Anna Shonfeld
    Location:
    United Kingdom
    Firm:
    Kingsley Napley
    Property Litigation column: What an interesting vest: vesting orders following disclaimer of a lease
    2019-01-08

    Daniel Gatty discusses the recent High Court ruling in Leon v Her Majesty’s Attorney General and others [2018] EWHC 3026 (Ch) and its impact on the grant of vesting orders following the disclaimer of a lease.

    Readers of this column will be aware of the complications that can ensue when a lease is disclaimed by a tenant’s liquidator under section 178 of the Insolvency Act 1986 (IA 1986), by a tenant’s trustee in bankruptcy under section 315 of the IA 1986 or by the Crown under section 1013 of the Companies Act 2006 (CA 2006) following dissolution of a tenant company.

    Filed under:
    United Kingdom, England & Wales, Insolvency & Restructuring, Litigation, Real Estate, Gatehouse Chambers, Companies Act 2006 (UK), Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Authors:
    Daniel Gatty
    Location:
    United Kingdom
    Firm:
    Gatehouse Chambers
    An unsatisfactory side effect of disclaimer
    2019-01-09

    A trustee in bankruptcy lost all rights to the proceeds of sale of a freehold property after he disclaimed title to it

    Background

    Mr Sleight was the trustee in bankruptcy of an insolvent estate. The deceased’s assets included several freehold properties that were charged to banks where the value of the property was less than the amounts due under the charges. Given the negative equity, the trustee in bankruptcy disclaimed title to these properties as they constituted “onerous property”.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Real Estate, Shoosmiths LLP, Freehold (law), High Court of Justice (England & Wales)
    Authors:
    Alan Corcoran , Michael Callaghan
    Location:
    United Kingdom
    Firm:
    Shoosmiths LLP
    Sleight v The Crown Estate Commissioners [2018] EWHC 3489 (Ch) (19 December 2018)
    2019-01-10

    The Facts

    The application relates to the estate of Jillian Mascall (the “Deceased”), which owned around 27 properties. The Deceased died on 4 December 2014 and it later became apparent the estate was insolvent.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Real Estate, Rosling King LLP, Bank of Scotland
    Authors:
    Ann Ebberson
    Location:
    United Kingdom
    Firm:
    Rosling King LLP
    The year of the administration?
    2019-01-10

    2018 was the "year of the CVA", slashing rents and forcing landlords to get to grips with long-winded CVA proposal documents in an attempt to allow struggling tenants to manage their debts, turn around their businesses and avoid terminal insolvency situations.

    The unfortunate reality is that even if they are approved by landlords and other creditors, not all these CVAs will be successful and many tenants are likely to end up in administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, Gowling WLG, Insolvency Act 1986 (UK)
    Authors:
    Clive Chalkley , Charlotte Weeks
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Retail CVAs: Trends and future direction
    2018-12-19

    The face of the UK's high streets and shopping centres continues to change rapidly as consumers, shopping and leisure habits change and evolve.

    In this latest article in our "future of consumer" series, we look at the continued use of company voluntary arrangements (CVAs) by retailers (and restaurant owners) to reduce their exposure to landlords under their leases and ask what are the trends and the future direction of this restructuring procedure.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Real Estate, Herbert Smith Freehills LLP
    Location:
    United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Tenant Insolvency: Disclaimer of Leases
    2018-12-13

    If a company goes into liquidation, the liquidator is able to disclaim the whole of an insolvent tenant’s liability under a lease. The disclaimer ends all of the tenant’s rights, interests and liabilities, effectively meaning that the tenant can get out of the lease early. This can have a significant impact on a landlord, whose expected income from the property suddenly comes to an end.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, BrookStreet des Roches LLP, Liquidator (law)
    Authors:
    Rebecca Thomas , Martin Billings
    Location:
    United Kingdom
    Firm:
    BrookStreet des Roches LLP
    Right to adjudicate under attack?
    2018-11-21

    Since the Construction Act came into force over 20 years ago, it has been a central tenet of the construction industry that a party can start an adjudication at any time, on any dispute (subject to questions of crystallisation or the dispute having already been decided).

    However, it is interesting that two recent Court decisions seem to have called this into question - Michael Lonsdale v Bresco and Grove v S&T.

    Filed under:
    United Kingdom, Construction, Insolvency & Restructuring, Litigation, Real Estate, Macfarlanes LLP, Technology and Construction Court
    Authors:
    Richard Rowlatt
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    CVA - nightmares on the high street
    2018-10-30

    Once I have a contract it is binding unless the other side goes bust – right?

    One party to a contract cannot unilaterally change the deal – right?

    If a commercial tenant does not pay its rent the landlord can forfeit – right?

    As landlords have found to their cost this year, the answer is that a CVA can challenge all of these assumptions.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Real Estate, Penningtons Manches Cooper LLP
    Authors:
    Donald Lambert
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP

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