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Tag Archives: administration

Posted in Real Estate News

Indecent Proposals: Tenants giving notice of intention to appoint administrators

It has long been a bone of contention for landlords that tenants can simply file a notice of intention to appoint administrators in order to get an automatic moratorium against any enforcement action.  This prevents a landlord from forfeiting, suing or exercising CRAR irrespective of whether the tenant goes into administration and, seemingly, whether it

Posted in Real Estate News

Utilities companies denied power to take priority over other creditors in administration

The High Court of England and Wales handed down judgment last week in the case of Christine Mary Laverty and others as Joint Liquidators of PGL Realisations PLC and others v British Gas Trading Limited [2014] EWHC 2721.  In an important decision for the insolvency industry, it was held that the statutory deemed contracts regime

Posted in Case Updates

Insolvency and Deposits: Get your priorities right

Landlords often ask for a rent deposit when they grant a new lease, or consent to an assignment, especially if the incoming tenant is of shaky covenant strength.  This provides security against possible future default. If a tenant becomes insolvent then this is exactly the sort of situation where a landlord would want to make

Posted in Real Estate News

Landlords need to look closely at prepack Administrations

For the uninitiated, a pre-packaged sale (or prepack) is one that is negotiated in advance of administration and completed by the administrators when they are appointed.  It would be wrong to suggest prepack administrations are universally a bad thing. They can be the quickest means of salvaging a distressed business, while avoiding an often protracted

Posted in Case Updates

Consent to assign not unreasonably delayed

E.ON UK Plc v Gilesports Ltd [2012] EWHC 2172 (Ch) E.ON was Gilesports’ landlord of a retail shop. Gilesport sought to assign the lease and requested E.ON’s consent by email. The email did not state that there was an urgency in respect of the transaction. Gilesports provided financial information in respect of the assignee on