No winding-up petition? No problem. The recent Chancery Division judgment in Re Gracio Property Company Limited [2017] B.C.C 15 (“Gracio”) saw the court make an order for a compulsory liquidation without any winding-up petition having been issued. The facts: This was an application under paragraph 79 of Schedule B1 to the Insolvency Act 1986 (“IA86”) by the administrators of Gracio for the administration to be brought to an end, View Full Post
Tenant Troubles- A minefield for the receiver Managing residential tenanted property can be a challenge for receivers. In many cases, it is necessary for them to act as “accidental landlords” to maximise the potential realisations to the appointing lender. These lenders have lent money to companies or individuals who invest in residential blocks and collect rents from their tenants. View Full Post
Berkeley Applegate and when administrators can get in too Deep (Purple) In the recent case of Gillan v HEC Enterprises Ltd (in administration) and Ors [2016] EWHC 3179 (Ch), the High Court considered (1) in what circumstances administrators can recover costs and expenses incurred in dealing with trust property and (2) how the administrators’ costs in applying for a Berkeley Applegate order and other litigation were to be dealt with. View Full Post