by DLA Piper - Noelle Petty, Associate
The threat of a landlord levying distress over goods owned by a tenant in financial difficulty – entering premises and seizing goods found therein – has always caused concern for insolvency
practitioners seeking to provide business rescue solutions. It has often been one of the reasons for tenants to seek the protection of a moratorium. However, ever since the courts have interpreted a walking-possession agreement to grant security rights to a landlord, sometimes even a moratorium has proved to come too late to preserve the tenant’s assets for the benefit of the company’s general body of creditors.
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