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    Surrender releases obligation to reinstate
    2012-10-26

    When a tenant goes into liquidation and its liquidator surrenders the lease what effect does this have on any obligations to remove any alterations that the tenant has made during the term and generally reinstate?  The high court has recently decided that the terms of a surrender that released both parties from rights arising “on or after, but not before, the date of this surrender” were sufficient to release the tenant from its obligations to reinstate the premises because these obligations were future obligations.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord, Leasehold estate, Liquidation
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Uncertain future for rates mitigation schemes following Supreme Court judgment in Rossendale
    2021-05-17

    Hurstwood Properties (A) Ltd and others (Respondents) v Rossendale Borough Council and another (Appellants)

    The Supreme Court has delivered its keenly anticipated judgment in a case concerning the validity of two business rates mitigation schemes. The schemes under scrutiny involved property owners letting unoccupied properties to special purpose vehicles (“SPVs”) which benefitted from a business rates exemption and therefore allowed both the property owners and the SPVs to avoid liability for business rates.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Marcus Barclay , Ashley Damiral , Will Charnock
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Pre-administration rents - the Luminar judgment: the detail
    2012-04-19

    In our Law-Now of 4 April 2012 (click here for link), we reported on the decision of the court in the case of Leisure (Norwich) II Limited v Luminar Lava Ignite Limited (in administration).  The detailed judgment has now been released, setting out the rationale for the decision and summarising the position on rents in administration generally.

    The legal position on this issue is now:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Liquidation, Liquidator (law)
    Authors:
    Pranai Karia
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Virgin activate restructuring plan
    2021-05-14

    Summary

    The much anticipated judgement of Mr Justice Snowden in relation to a restructuring plan proposal (the “Plans”) made by Virgin Active Holdings Limited, Virgin Active Limited and Virgin Active Health Clubs Limited (the “Plan Companies”) was handed down on 12 May 2021.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Emma Pinkerton , Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Pre-administration rents - disappointment for landlords
    2012-04-05

    Landlords have lost round two in the ongoing battle as to whether rent should be paid as an expense of the administration. The decision of the Court last week in the X-Leisure / Luminar case was in favour of administrators.

    Following the Goldacre case, if an administrator is using the property for the purposes of the administration on the quarter day then the full quarter’s rent is payable as an expense of the administration.  What was not clear, was whether if the administrator was appointed just after the quarter day rent was payable as an expense. 

    Filed under:
    United Kingdom, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord
    Authors:
    Danielle Drummond-Brassington
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Virgin activate restructuring plan
    2021-05-14

    The much anticipated judgement of Mr Justice Snowden in relation to a restructuring plan proposal (the “Plans”) made by Virgin Active Holdings Limited, Virgin Active Limited and Virgin Active Health Clubs Limited (the “Plan Companies”) was handed down on 12 May 2021.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Authors:
    Emma Pinkerton , Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Restructuring Plans - A powerful new tool for restructuring lease liabilities?
    2021-04-06

    Despite the scale of the pandemic and resulting build-up of Covid related rent arrears, currently estimated at around £4.5bn, business restructuring has been relatively muted. This is partly explained by the moratorium on forfeiture and other restrictions on landlords’ remedies, combined with unprecedented government financial support for struggling businesses.

    But rent arrears cannot be pushed down the track indefinitely. As restrictions are eased and focus turns to tackling this debt, business restructuring activity will no doubt intensify.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Authors:
    Julie Gattegno , Emma Pinkerton , Glen Flannery
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Court enforces ban on statutory demands before Bill is passed
    2020-06-05

    The government recently published its Corporate Insolvency and Governance Bill which includes a temporary “ban” on statutory demands. In its current form, the ban will prevent landlords and other creditors from relying on statutory demands served between 1 March and 1 month after the Bill becomes law. The Bill also includes provision to prevent the winding up of companies where their inability to pay is due to Covid 19.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord
    Authors:
    Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Electronic signing in finance transactions
    2020-04-20

    1.Why use an electronic signature?

    2.What is e-signing?

    3.Is e-signing valid?

    4.What types of document can be signed electronically?

    5. Are there any restrictions/protocols relating to electronic signatures?

    6. What is the position with overseas entities?

    7. E-signing with a secure platform

    8. E-signing without a secure platform

    1. Why use an electronic signature?

    Filed under:
    United Kingdom, England & Wales, Banking, Company & Commercial, Insolvency & Restructuring, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Coronavirus
    Authors:
    Marianne Mudd
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Landlords given permission to appeal Court's decision in Debenhams CVA challenge
    2020-03-06

    Last September we reported on the Court’s decision on the landlords’ challenge to the Debenhams CVA on grounds of unfair prejudice and material irregularity, in respect of which the landlords have now successfully obtained permission to appeal on various grounds (see below).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP, Landlord
    Authors:
    Julie Gattegno
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP

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