Zachary Bredemear
Zachary is a barrister at Enterprise Chambers and practices in the areas of real estate litigation, commercial law, professional negligence and insolvency.
He is a member of Inner Temple and was elected a Governing Bencher in 2021.
Practice Area
Panel
- Contributing Author
Qualified Year
- 1996
Experience
- 1 Chancery Lane (2000 - 2022)
Membership
- Inner Temple
Qualifications
- LLB (1994)
- LLM (1995)
Education
- University of Reading (1991-94)
- UCL (1994-95)
1 Contributions by Zachary Bredemear
PRACTICE NOTES
Liquidators’ disclaimer of overage under Insolvency Act 1986, s 178: unprofitable contracts, onerous property, and consequences for charges and third parties (Hindcastle; Groveholt v Hughes)
This Practice Note explores liquidators’ use of disclaimer in relation to contracts (commonly a sale contract or transfer) that include overage clauses or provisions, within the statutory framework for disclaiming onerous property under section 178 of the Insolvency Act 1986 (IA 1986). It summarises what overage means, the liquidator’s power to disclaim onerous property, and whether overage can amount to ‘onerous property’ that a liquidator may disclaim in practice. It further considers how the court has applied the effect of disclaiming contracts containing overage in the decision of Groveholt Ltd v Hughes. For fuller guidance on a liquidator’s general power to disclaim onerous property, see Practice Note: The process of disclaimer by a liquidator or trustee in bankruptcy under sections 178 or 315 of the Insolvency Act 1986. For the procedure to be followed when a liquidator disclaims onerous property, see: Checklist and timeline for disclaimer—checklist.
What is overage?
Overage, in this setting, usually denotes a device whereby the seller of property requires the buyer to make a further payment to the seller that corresponds to any increase in the property’s value arising after the sale completes...
Restructuring & Insolvency
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