I cd. NPL (non performing loans, letteralmente mutui non performanti) sono, sostanzialmente, crediti per i quali la riscossione è incerta, sia dal punto di vista del rispetto della scadenza originaria che per quanto riguarda l’ammontare del possibile recupero; essi sono anche detti, nel linguaggio bancario, crediti deteriorati.

The British Retail Consortium (BRC) recently reported strong trading for the UK high street in the weeks leading up to Christmas 2016. In a fillip for a sector beset by problems, the slow start to the Christmas trading period was reversed as spending in the sector in December grew 1.7% on the same period last year.

Political and economic uncertainty in the aftermath of the referendum result in the UK has dampened sentiment on the high street and hit consumer confidence.

According to the National Institute of Economic and Research, there is an "even" chance of Britain falling into recession by the end of next year and the Bank of England has significantly reduced its growth forecast for 2017.

Moody's announced in October 2014 that the detainment of Agile Property Holdings' chairman, Chen Zhoulin by government authorities was credit negative, in Moody's view, "similar incidents would adversely affect developers' borrowing costs and/or their access to offshore funding". The events that have unfolded since show that Moody's were right on the money.

Introduction

The COVID-19 pandemic created unprecedented disruptions across the global economy, perhaps most severely in the retail sector. Shelter-in-place orders, government-mandated closures and other restrictions drastically reduced or entirely wiped out revenue streams, resulting in an increased number of bankruptcy filings by retail debtors.

Gaining access to development land in the PRC has often been linked to government connections and dubious business practices. However, a number of investigations into the allegedly corrupt activities of high-level real estate executives in China have recently taken place.

Scottish landlords enjoy a preferential right of security known as “landlord’s hypothec” in respect of any unpaid rent arrears due in the event that their tenants enters administration or liquidation. The landlord's right of hypothec is unique to Scots Law and is not available to landlords in respect of properties south of the border. For reasons we will go on to discuss, the current legal framework on landlord’s hypothec is not particularly well developed and is widely criticised as being unsatisfactory.

Overturning two significant recent decisions, the Court of Appeal has held that whenever a rent payment day falls, from the moment a company in administration beneficially retains property, it will ordinarily be liable to pay rent as an expense for the period of that beneficial retention.

In the wake of the global financial crisis in 2007-08, distressed real estate yielded generous returns to investors that managed to pick the right cherries at the right times.

1.  INTRODUCTION

S4 of the PPSA, provides that "except as otherwise provided" in the PPSA, the PPSA does not apply to a number of enumerated liens, charges or other interests, including as set out in s4(a) "a lien, charge or other interest given by an Act or rule of law in force in Alberta".