PROPERTY AND INSOLVENCY
There are two fairly common situations that arise in relation to property and insolvency. The first is a landlord trying to recover rent from a tenant who may be approaching insolvency; and the second is a secured lender such as a bank or building society enforcing charges over properties.
A landlord is faced with a challenge if his tenant is in a weak financial position. On the one hand it is often true that the creditor who presses hardest gets paid; but on the other pressing too hard can force a debtor into insolvency. Making the right decision isn’t easy. A landlord and his solicitor need good information about the tenant; an awareness of the available remedies; and good negotiating skills. Where there are substantial arrears and a complex situation involving competing interests great care needs to be taken to ensure that the outcome is in the client’s best interests.
We advise creditors and debtors and have experience in all the insolvency procedures, including administration, receivership, liquidation and bankruptcy.