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This book is now Out of Print. A new edition has been published, the details can be seen here:Property Insolvency 2nd ed isbn 9781846615474
ISBN13: 9781846611513
New Edition ISBN: 9781846615474
With the current economic climate, property professionals have been affected by the escalating number of bankruptcies and voluntary arrangements. Between 1998 and 2006, the number of IVAs per annum increased by 900% and bankruptcies by 320%.
Practitioners working in these areas will need to ensure that they are informed of all the relevant issues surrounding these cases. Property Insolvency will provide you with a comprehensive knowledge of the law relating to property and insolvency, as well as related areas such as bankruptcy and trustee sales.
This text will ensure that practitioners can be confident of having the relevant knowledge and clear guidance on the practice and procedure on how to deal with these difficult subjects.
Contents: IntroductionHistorical backgroundThe Legislative Framework Reform and increasing regulation The Insolvency Act 1986, The Insolvency Act 2000, The Enterprise Act 2002 through to The Tribunal Courts Enforcement Act 2007 Application and implications of the European Convention on Human RightsPart 1 Insolvency OverviewImmediate considerations and signs that a tenant may become insolvent First steps Reconstruction and rescue The Enterprise Culture Voluntary Arrangements The comprehensive effect of arrangements after the landmark decision in Prudential Assurance Co and Others vPRG Powerhouse and Others [2007 EWHC 1002 (ch)] The abolition of receivership The growth of administration Bankruptcy LiquidationsPart 2 Landlord InsolvencyInsolvency effect of superior and inferior interests general positionDisclaimer of superior interest freehold etc (x referenced with Chapter 8)Enforcement by tenant of landlord’s covenants where landlord is in:Administration Liquidation Voluntary arrangement Bankruptcy ReceivershipFunds held by landlord in rent deposit deed (x-referenced with Chapter 7)Part 3 Tenancy InsolvencyLiability for Rent and Other Obligations Under a leaseReceiverships limit and extent Administration liability Company Voluntary Arrangements restrictions imposed The effect on liability following a reconstruction (CVAs, Schemes of arrangement) Liability for rent in administration Liability for rent in liquidation Liability for rent in bankruptcy Environmental and Statutory obligations Rent payable as an expense of an insolvent arrangement with priority over other debtsBusiness rates Execution of judgments against insolvent companies under the Tribunal Courts & Enforcement Act 2007 Recovering of subrents from sub-tenants under the Tribunal Courts & Enforcement Act 2007 Proofs of debtCommercial Rent Arrears Recovery/DistressThe abolition of distress under the Tribunal Courts & Enforcement Act 2007 The creation on Commercial Rent Arrears Recovery (CRAR) Is CRAR worthwhile? The right to exercise CRAR and how this is effected by insolvency Rent affected by CRAR CRAR as a charge effect on preferential creditors What goods a landlord can take when exercising CRAR When the Courts permission will be needed to exercise CRAR in insolvency The CRAR mechanism how it is exercised Action to avoid CRAR Licensed Insolvency Practitioners Remedies for wrongful CRAR CRAR compared to other remedies Landlords right against executing creditors Further reform the CRAR regulations to come in forceForfeitureForfeiture rights contractual and common law The effect on forfeiture by moratoriums created by insolvency statutes (in particular The Enterprise Act 2002 for administration and the Insolvency act 2000 for CVAs) Waiver of the right of forfeit When the Court’s permission is required in insolvency for a landlord to forfeit Other preliminaries to forfeiture Has the landlord waived the right to forfeit? Forfeiture mechanism how it is achieved Direct action or relief from forfeiture taking account of new case law and the Tribunal Courts & Enforcement Act 2007 The effect of forfeiture on the lease and any existing underleases Relief from forfeiture Compensation and the landlords costs Particular points arising in administration, company voluntary arrangements, liquidations and bankruptciesOriginal Tenants and Previous Assignees LiabilityThe distinction between new leases and old leases under the Landlord & Tenant Covenants Act 1995 Liabilities for rent arisingThe Liability of Guarantors and SuretiesThe effect of a voluntary arrangement on a guarantee following Prudential Assurance Co and Others v PRG Powerhouse and Others [2007 EWHC 1002 (ch)] Indemnity or co-obligation Rent deposits and bank guarantees Guarantors to original tenants or previous assignees Authorised guarantee agreementsDisclaimerAvailability liquidation and bankruptcy Contracts which may be disclaimed leases Forcing a liquidators hand notice to elect Procedure and timing of disclaimer Effect on landlord Effect on original tenant and previous assignees Effect on third parties (including under tenants) and sureties Vesting Orders Damages consequential on disclaimerPart 4 Rights Under Mortgages and Other ChargesMortgages LPA ReceivershipAppointment of receiver Contractual terms of charge/mortgagePowers of the receiver Remedies available to landlords Sale and possession by LPA Receiver;Part 5 Property Assets and Personal Insolvency;Bankruptcy and the matrimonial homeBankruptcy and Ancillary relief orders (e.g. property adjustment orders)Individual Voluntary Arrangements and the IVA ProtocolDebt Relief Orders and Debt Management SchemesPart 6 Property Taxation and Insolvency Capital Gains/Corporation Tax on disposals VATPart 7 - Licensed Premises and the Leisure Industry Leases of public houses Licensing and planning issuesSpecialist insolvencies (e.g. golf courses, casinos , restaurant chains) Precedents Application for permission to forfeit against company in administration Example of a witness statement in support Application for relief from forfeiture (including subtenants) Notice of disclaimer Notice to elect S.146 Notice on grounds of insolvency LPA Receiver appointment documents Specimen clauses for Voluntary Arrangements Administration Licence to Occupy Specimen property clauses for pre-pack sales