Nortel Networks UK Limited (the company) was a tenant under two leases. The company went into administration. The administrators occupied a small proportion of each of the premises to enable them to carry out the administration. Under the terms of both leases rent was payable quarterly in advance.
The landlord applied to the court for an order directing the administrators to pay the rent as an expense of the administration.
The new housing administration regime for registered providers of social housing is now in force. Our latest Insight introduces the new legislation and highlights some of the key ways in which a housing administration will differ from a normal administration process.
Where the Courts Service failed to notify the Land Registry of a bankruptcy petition with the effect that property was disposed of without a pending action having been registered, the trustee in bankruptcy had a right to claim damages.
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Single signature bank mandate binding on partnership
The High Court has recently considered whether a one signature bank mandate was sufficient to bind a partnership to various loan agreements.
Where a landlord forfeits its lease, subject to any available relief or exemption, the landlord is liable to business rates in respect of the premises.
Empty premises business rates exemption will provide time-limited relief to a landlord who has re-entered premises. However, a landlord should be cautious of exercising its right to forfeit a lease in cases where it does not have another tenant "waiting in the wings".
The ratepayer
Business rates are paid by occupiers and, in certain circumstances, owners of premises.
Q: What is the difference between a general assignment of rents and leases and a specific assignment of rents and leases, and when should I include them in my term sheet for a commercial real estate financing of an Ontario property?
A question facing many landlords is whether, when a tenant company faces insolvency and shows no intention of continuing to trade from the premises, they should take back the property and seek to relet it?
There are several key issues here, including:
- rates liability
- mitigating losses
- ability to recover from third parties and former tenants.
A landlord's decision has often turned on the type of insolvency faced by the tenant.
If a liquidator disclaims the lease:
While Canada’s legal system will be familiar to many foreign investors and companies, the Canadian legal system and laws have a number of unique aspects that might surprise you. Understanding these unique aspects of Canadian law is critical to your business success in Canada. Gowling WLG understands the challenges of establishing and conducting business in this country. With offices in major cities across Canada, we provide effective counsel and insightful business solutions that help our clients access the full potential of the Canadian marketplace.
Repossession of a bankrupt's property will be ordered unless there are exceptional circumstances making such an order inappropriate.
In Brittain v Haghighat, the only asset in the bankrupt's estate was the family home. One of the bankrupt's children was severely disabled with quadriplegic cerebral palsy, requiring continuous care. The trustee applied for an order for possession under s336 and s337 Insolvency Act 1986.
The recent decision of the Ontario Court of Appeal in Crate Marine Sales 1serves as a reminder regarding the trigger for the obligation of a court appointed receiver to pay occupation rent.