Commercial property > Insolvency
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Formal insolvency proceedings
15 March 2010
Actions available to the landlord depend upon the nature of the insolvency proceedings. Some proceedings, such as pre-packaged administrations and company voluntary arrangements, can be used advantageously by...
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Enterprise Act 2002
25 November 2009
Administration was first introduced in the Insolvency Act 1986 and has been amended by the Enterprise Act 2002. It is designed to allow a business to continue trading...
Summary
Surveyors are increasingly involved in insolvency based transactions while the principle of legislation in this area is to promote a culture of rescue, rather than recovery. The pitfalls awaiting the unwary surveyor are therefore growing, with significant consequences for acting illegally or improperly. This section is a guide to surveyors who are called upon to advise in insolvency situations, and managing agents who are faced with tenant insolvency. It covers all areas of instruction, including competence, professional indemnity, conflicts of interest and documents; inspection; reporting; and liability. The RICS Recovery & Insolvency Forum seeks to encourage cross disciplinary networking for those who have an involvement or an interest in this sphere.
This section is maintained by Andrew Hill of Denton Wilde Sapte.
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Worksmart tools
- Contract Administrator
- ProForms
- Survey Writer
- Accepting an instruction on insolvency
- Inspecting a property for insolvency
- Reporting, liability and confidentiality for insolvency
- Formal insolvency proceedings
- Key definitions on insolvency
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Frequently asked questions on insolvency
- My client, xyz plc has had an administrator appointed - does this affect my position as property adviser?
- We are managing agents for a client's property and one of the tenants has become insolvent. What do we do?
- What is the difference between a secured and an unsecured creditor?
- What is the difference between a Fixed Charge Receiver and a Law of Property Act Receiver?
- Insolvency legislation
- RICS and other guidance