Interim receiver meaning

Lexham Securities Ltd and another v Earlsfort Capital Partners Ltd and others [2023] EWHC 909 (Ch) What are the practical implications of this case? This decision confirms that a mortgagor may still exercise the equity of redemption even after a receiver has concluded a contract on their behalf. Historically, it has been accepted that the equity of redemption is, for a period, put on hold between the making of a sale contract by the mortgagee and the subsequent completion of that contract (see Property and Bloodstock Ltd v Emerton [1968] Ch. 94). The situation is, in practice, different where the sale contract is made by a receiver. Although the receiver is appointed by the mortgagee, the receiver acts as the owner/mortgagor’s agent, not the mortgagee’s. That almost invariably follows from the provisions of the original loan agreement; agreed at the outset, at a time when the mortgagor hopes and expects to comply with the loan terms. Consequently, in National Westminster Bank plc v Hunter [2011] EWHC 3170 (Ch) (‘Hunter’),...

Restructuring & Insolvency weekly highlights—30 May 2024 In this issue: Key R&I law developments Insolvency litigation Document review Corporate insolvency processes Personal insolvency Restructuring Directors and insolvency Daily and weekly news alerts New content Latest Q&A Key R&I law developments Insolvency (Amendment) Regulations 2024 SI 2024/722: These Regulations modify the Insolvency Regulations 1994, SI 1994/2507, raising the hourly remuneration payable to the official receiver and their officers for specified services while the official receiver serves as interim receiver, provisional liquidator, liquidator or trustee. They take effect on 9 January 2025. See: LNB News 29/05/2024 34. New regulations complete commencement of REUL(RR)A 2023 The Retained EU Law (Revocation and Reform) Act 2023 (Commencement No 2 and Saving Provisions) Regulations 2024, SI 2024/714, commence section 6 of the Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023) on 1 October 2024. That section revises section 6 of the European Union (Withdrawal)...

Disputes & Investigations—Irish High Court refuses to grant injunction allowing a commercial tenant a ‘free ride’ in Dublin properties In Perfect Stripe Limited t/a Grafter v Fennell & others [2025] IEHC 585, the Commercial Court (Mr Justice Twomey) declined an interim injunction sought by a tenant aiming to retake three Dublin office premises from receivers who had assumed control after more than €3m in rent went unpaid. Key takeaways Another clear signal from the Irish High Court of the premium placed on certainty in leases, ensuring the documents reflect precisely what the parties mean. Non‑payment of reserved rent as and when due poses a substantial obstacle for a tenant seeking to curb the actions of a lawfully appointed receiver over the asset. At the injunction stage, the court gives marked emphasis to the black‑letter terms of the contract, as it cannot determine contested evidential matters at that juncture. Background Several special purpose vehicles within the McKillen Group (the landlords)...

A bankrupt is discharged from bankruptcy one year after the bankruptcy begins, unless the court suspends that discharge because the bankrupt has failed to co-operate with the official receiver (OR) or the trustee in bankruptcy (trustee) (IA 1986, s 279). On discharge, the disqualifications and restrictions that apply to an undischarged bankrupt come to an end. For further detail on those disqualifications and restrictions, see Practice Note: The immediate effects of a bankruptcy order on the bankrupt. What is the bankruptcy restrictions regime and why was it introduced? In cases where bankruptcy is not the product of honest misfortune, but arises from the bankrupt’s misconduct or recklessness, it is regarded as appropriate that the bankruptcy disqualifications and restrictions should continue for longer than one year, to protect the public interest and act as a deterrent. Accordingly, the Enterprise Act 2002 (EnA 2002) introduced a new section (IA 1986, s 281A) and a Schedule (IA 1986, Sch 4A) into the IA 1986, so that, from 1 April 2004, the...

This glossary sets out numerous expressions frequently encountered in the restructuring arena. Words appearing in the definitions in bold are explained in other entries in this glossary. For further banking terminology, see the principal Banking & Finance Glossary. Restructuring glossary—A Acceleration: Acceleration means the agent, acting on directions from the majority lenders after an event of default, takes formal action, for example calling for early repayment of the facility. Ad-hoc committee: A temporary creditors’ group (often contrasted with a formal committee) that lacks any entitlement to official recognition. Administration: A process under the IA 1986 in which a financially distressed company is operated by an administrator as a going concern before longer-term outcomes, such as break-up and sale, are pursued. Administrator: An Insolvency Practitioner named by the court, a Qualifying floating charge holder, the directors or the company, to take control and fulfil one of the purposes in IA 1986, Sch B1. Administrative receivership: Arises when a company breaches the terms of...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...

Note: Use this Precedent alongside an application notice template compliant with the Insolvency (England and Wales) Rules 2016, SI 2016/1024—see (Form IAA), IR 2016, r 1.35. VAR Insolvency Act Application Notice In the matter of the Insolvency Act 1986 Delete as applicable: Name of company or debtor/bankrupt: [insert debtor’s name] Company number: [________] Court: [full court name and, if known, division or district registry] Case number (for court use): [insert case number] Type of insolvency proceeding: Bankruptcy Between: Applicant [insert applicant’s name]; Respondent [insert debtor’s name]. Is this within insolvency proceedings already before the court? YES. If so, give the court reference: [________]. I/We intend to apply to the Insolvency and Companies Court Judge/District Judge on: Date [________], Time [________] hours, Place [________]. Appointment of [X, the Official Receiver of this Court, or Z, an insolvency practitioner] as interim receiver of the property of [full name of debtor], with any desired special directions....

Court Ref. No: [ INSERT COURT REF. NUMBER ] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [ OF ENGLAND AND WALES OR IN [ INSERT LOCATION ] ] INSOLVENCY AND COMPANIES LIST (ChD) OR IN THE COUNTY COURT SITTING AT [ INSERT LOCATION ] [BUSINESS AND PROPERTY COURTS LIST] OR IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION [ INSERT LOCATION ] DISTRICT REGISTRY ] IN BANKRUPTCY IN THE MATTER OF [ INSERT DEBTOR’S OR BANKRUPT’S NAME ] AND IN THE MATTER OF THE INSOLVENCY ACT 1986 BETWEEN [ Full name of applicant ] Applicant –and– [ Full name of respondent ] Respondent Witness statement by [ Insert ] I, [ Insert name of witness ], state as follows: Introduction I am a [ • ]...

Both the High Court and the Family Court possess jurisdiction to issue injunctions, whether interlocutory or final, and to appoint a receiver whenever it is considered just and convenient to do so. Any order can be made unconditionally or subject to such terms and conditions as the court deems appropriate, pursuant to section 37 of the Senior Courts Act 1981, which applies in the Family Court as it does in the High Court...