Charge (Insolvency) meaning

Administrator appointed by the court Where the court appoints an administrator under paragraph 11 of Schedule B1 to the Insolvency Act 1986 (IA 1986), following an application by the company, its directors and/or one or more creditors, the title deeds should include certified copies of: the administration order; and any further order(s) under IA 1986, Sch B1, paras 91–95 appointing a new administrator after the death, resignation or removal from office of the original or any later administrator Administrator appointed by holder(s) of qualifying charge, the company or its directors Where the administrator is appointed by the holder(s) of a qualifying floating charge (IA 1986, Sch B1, para 14) or by the company or its directors (IA 1986, Sch B1, para 22), the title deeds should include certified copies of: the notice of appointment: in a form complying with IA 1986, Sch B1, para 14 and the Insolvency (England and Wales) Rules...

When taking a lease or a transfer from an administrative receiver, the title deeds should include the original debenture, or a certified copy, under which the receiver was appointed a certificate from the chargee (or their conveyancer) confirming the power of appointment under the debenture has arisen the original deed appointing the receiver, or a certified copy a certified copy of the receiver’s notice accepting the appointment (the original is retained by the chargee) HM Land Registry will need all of the above to register the lease or transfer. Although the debenture is usually noted against the property title, HM Land Registry will also verify that it: has been registered at Companies House has been duly executed contains provisions permitting the receiver’s appointment and the proposed disposition Checking the appointment An administrative receiver cannot be appointed under a debenture or charge dated after 15 September 2003, unless the security falls within one...

Consider the nature of the IP right From a lender’s standpoint, use this checklist to pinpoint key points when taking IP as security and the steps to implement it... Identify the IP right and applicable law; patents, trade marks, registered designs and copyright can be mortgaged or charged... Select security: a legal mortgage (assignment plus redemption and exclusive licence‑back) offers stronger control than a fixed charge; for charges, restrict disposals and hold an executed undated assignment in escrow (verify foreign recognition)... Confirm ownership, term, existing security, licences and third‑party interests; demand warranties and title evidence, especially for unregistered rights... Assess validity and maintenance: search prior rights, check renewals and genuine use, monitor infringement, review litigation; obtain professional opinions where needed... Value the right and routes on default (licensing or sale); add complementary assets if required... Cover associated rights and materials: unregistered marks/goodwill (only with the business), unregistered designs, database right, know‑how/confidential information, domain names, and software/source code with escrow... Register...

This Checklist is applicable when acting for the mortgagee in relation to the taking of a ship mortgage and where the security will be registered in the UK. Request a Transcript of Registry from the UK Ship Register to confirm the vessel’s security status. A charge applies for this and for several other documents noted below; the complete schedule can be found on the UK Ship Register website, and a full list is available there. The mortgagee should verify that the owner holds clear, unencumbered legal title to the ship and that their ownership has been correctly recorded, and confirm that it has been properly registered. Perform a Register of Companies search to confirm the owner’s incorporation in England and Wales. Ascertain whether any mortgages or charges concerning the ship are filed against the owner pursuant to Section 859A of the Companies Act 2006 (CA 2006), and confirm registrations relate to the ship...

This Flowchart sets out the conditions that must be satisfied for a floating charge to be avoided. This flowchart outlines the criteria that must be met to have a floating charge set aside successfully...

In this issue: Key developments and horizon scanning Transferring property Property insolvency Property taxes Easements, rights and covenants Property in Scotland Leasing property LexTalk®Property: a Lexis®Nexis community Additional property updates this week Daily and weekly news alerts Trackers New Q&As Key developments and horizon scanning Leasehold and Freehold Reform Act 2024 The Leasehold and Freehold Reform Act 2024 (LFRA 2024), which gained Royal Assent on 24 May 2024 and featured in last week’s highlights, has now been published. Sections 113 (controls on remedies for arrears of rent charges), 117 (recovery of legal costs etc through service charge), 118 (repeal of section 125 of the Building Safety Act 2022) and 119 (higher-risk and relevant buildings: insolvency notifications) take effect two months after Royal Assent (24 July 2024). The rest of LFRA 2024 will commence by regulations to be made by the new government after the election. See: LNB News 04/06/2024 14. ...

In this issue: Property management Investigating title Environment, energy and buildings Residential property Statutory compliance Property in Scotland Property in Wales Transferring property Property insolvency Property taxes Additional property updates this week Daily and weekly news alerts Trackers New Q&As Property management Second edition of RICS service charge standard The Royal Institution of Chartered Surveyors (RICS) has released the second edition of its professional standard on service charges in commercial property. Compulsory for all RICS-accredited practitioners and aimed at UK property managers and occupiers, it seeks to lift standards and foster greater transparency, fairness and consistency in service charge management and administration. The revision addresses key challenges, including issuing budgets and year-end certificates promptly, works to reduce causes of disputes between landlords and tenants, and offers clearer guidance on resolving disagreements. It also aids the negotiation, drafting, interpretation and operation of leases, ensuring alignment with recognised industry best practice....

In this issue: Enforcing security and property insolvency Service charges Disputes and remedies Repairing obligations and dilapidations Residential tenancies Rent and rates Contractual issues Additional Property Disputes updates LexTalk®Property Disputes: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Latest Q&As Enforcing security and property insolvency Applications for possession and sale of the family home in bankruptcy (Armstrong v Temblett) The matter involved an application by Mr Armstrong, acting as trustee in bankruptcy (the trustee), seeking an order for possession and sale of Mrs Vanessa Temblett’s London property, jointly owned with her husband (the London property). The court determined that, under section 335A of the Insolvency Act 1986 (IA 1986), the trustee was entitled to possession and sale, as no exceptional circumstances were identified to rebut the statutory presumption that creditors’ interests prevail over other factors. The judgment highlights the need for practitioners...

This Practice Note explains the two chargeable gains tax reliefs relevant to dealings under a scheme of reconstruction. For a definition of ‘scheme of reconstruction’, refer to the Practice Note: Schemes of reconstruction defined...

The outcome of an administration will frequently hinge on the worth of the company’s assets and the administrator’s capacity to handle those assets freely so as to secure the best possible result for creditors as a whole. The administrator is granted extensive powers to deal with property, including assets encumbered by various forms of security and quasi-security (for example, hire purchase or retention of title arrangements). A key advantage of administration is the protection created by the moratorium against enforcement by creditors, which permits the administrator to proceed without the constraints the company may have experienced before administration. The administrator may intend to sell or otherwise deploy charged property in order to meet one of the purposes of the administration, while, by contrast, a creditor may wish to enforce its security and recover what it is entitled to from a company it regards as at risk. These competing requirements need to be held in balance between administrator and creditor...

This Practice Note examines the role of fixed charge receivers from a Jersey standpoint. As there is no fixed charge receivership process in Jersey, it focuses on how Jersey law interacts with English fixed charge receiverships in the circumstances below: security granted by Jersey companies under English law over property located in England; and security constituted under Jersey law over property located in Jersey Security created by Jersey companies under English law over property situated in England In broad terms, the Jersey courts will recognise a charge validly granted by a Jersey company over collateral outside Jersey where a non-Jersey governing law has been properly chosen, which is usually the law of the place where the collateral is located. However, certain aspects of a non-Jersey law charge created by a Jersey company remain governed by Jersey law, applying private international law principles derived from English common law. These matters include the company’s existence, its capacity and corporate authority to enter into the...

date [ date ] Parties [ name of Seller ], in administrative receivership [ and also in liquidation ], incorporated in England and Wales (company registration number [ number ]), whose registered office is at [ address ] (Seller), acting through [ any one of ] its [ joint ] administrative receiver[s], [ name of (first) receiver ] (Insolvency Practitioner) [ of [ address ] OR [ and [ name of joint administrator ] (Insolvency Practitioner) [ both ] of [ address ] ] ] (Receiver[s]) [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Buyer) 1 Definitions For this Agreement, the terms below shall mean: Actual Completion Date — the day when the Transfer is in fact completed; Buyer’s Solicitors —...

date [ date ] Parties [ name of Seller ] (being in [ liquidation OR administration OR ]) incorporated in England and Wales (company registration number [ number ]), whose registered office is at [ address ] (the Seller), acting by [ any one of ] the [ joint ] receiver[s] of the Property, namely [ name of (first) receiver ] [ of [ address ] OR [ and [ name of joint receiver ] (Insolvency Practitioner) [ both ] of [ address ] ] ] (the Receiver[s]). [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (the Buyer). 1 Definitions In this Agreement, the following definitions shall apply: Actual Completion Date: the date on which the Transfer is in fact completed; ...

date [ date ] Parties [ name of Seller ] in administration, a company incorporated in England and Wales (company registration number [ number ]) with its registered office at [ address ] (Seller), represented by [ any one of ] its [ joint ] administrator [ s ], [ name of (first) administrator ] (Insolvency Practitioner) [ of [ address ] OR [ and [ name of joint administrator ] (Insolvency Practitioner) [ both ] of [ address ] ] ] (Administrator [ s ]) [ name of Buyer ] [ of OR a company incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Buyer) 1 Definitions In this Agreement, the following expressions have these meanings: Actual Completion Date • the day on which completion of the Transfer of the Property...

Stop press : The Levelling up and Regeneration Act 2023 obtained Royal Assent on 26 October 2023. This content is presently under review to ensure consistency with the Act. The Community Infrastructure Levy (CIL) originates in section 205 of the Planning Act 2008 (PA 2008) and took effect in 2010. It permits local authorities to levy a charge on new developments within their area where a new dwelling is created or additional floor space of 100sqm or more is provided. The detailed provisions are contained in the Community Infrastructure Levy Regulations 2010 (CILR 2010), SI 2010/948, made pursuant to PA 2008...

Proceeding on the basis that the legal mortgage is valid and duly executed, the only flaw is a failure to register. The question concerns what remedies are available where a mortgage remains unregistered. Where a valid charge is created by way of legal mortgage but not entered on the register, it takes effect in equity as an equitable mortgage...

This Q&A assumes that the lease was disclaimed by a liquidator for the insolvent tenant. On a disclaimer of the lease, the insolvent company's rights, interests and liabilities fall away; however, the disclaimer leaves untouched the rights or liabilities of any other person, save only so far as is necessary to release the company from liability (section 178(4) Insolvency Act 1986 (IA 1986)). Consequently, where a mortgage is in place, the lease is treated as continuing to exist so as to give effect to, and protect, the mortgagee's rights in that scenario...