Surveyors will often be asked to act in relation to transactions with an insolvency element – for example, advising a lender or insolvency practitioner in relation to the management and realisation of property on a distressed basis, advising parties who are in financial distress, and dealing with insolvent counterparties.
The principle of the legislation in this area is to ensure equal treatment of creditors and, if possible, to promote a culture of rescue – and, in that context, there are often important legal protections for insolvent entities that may override the terms of any contract or lease to which they are a party.
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.
RICS standards and guidance
- RICS property measurement
- UK commercial real estate agency
- New rules of measurement
- QS and construction standards
- Residential property standards
- Valuation standards
- List of RICS standards and guidance
- RICS standards and guidance archive
- Accepting an instruction on insolvency
- Inspecting a property in an insolvency context
- Reporting, liability and confidentiality for insolvency
- Formal insolvency proceedings