Tag Archives: Property

Spanish Court declares unlimited liability mortgage clause void

Spain’s Civil Code provides that when the sale proceeds of a mortgaged property do not cover all the debt contracted with the bank, the debt continues to subsist and the bank may go against any other asset belonging to the customer, with the exception of properties that are untouchable, for the shortfall. However, a Court in Barcelona has … Continue Reading

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. When the borrowers default, … Continue Reading

New Year; New Personal Insolvency Regime for Slovakia

The Slovak personal insolvency regime will change on March 1, 2017. The new system is aimed at opening personal insolvency to a wider debtor audience, while keeping it simple and cost effective. Today, only those individuals with assets over EUR 1,659.70 could seek a declaration of bankruptcy. Otherwise, the proceedings would be stopped and the doors … Continue Reading

Why financiers should consider taking security over short leases

When we review security for financiers, we always consider what enhancements they might implement to strengthen their security net. As part of this approach, we obtain a proprietor search from the Land Registry to see if there is any uncharged property in the name of the borrower. Often, any property identified is a short to … Continue Reading

To Buy or Not to Buy?

Unfortunately that is not the question for many young (and even not so young) aspiring UK homeowners who are struggling to get their feet on the property ladder and buy their own home in the current market. It seems that the UK as a nation is obsessed with home ownership and that first rung on … Continue Reading

Tread CAREfully, mind the funding gap…….

The health and social care sector is currently facing its most significant challenge since the Southern Cross care-homes collapse in 2011. A financial crisis is on the horizon, resulting from the unwelcome trifecta of rising staff costs, significant funding cuts and a steadily increasing regulatory burden. In the five years since the Southern Cross collapse … Continue Reading

Promociones Habitat, S.A. agrees to reschedule its debts

Promociones Habitat SA, the Spanish residential homebuilder, has completed a €1.45 billion restructuring which was the first refinancing of an existing composition agreement to use the provisions in a debt/equity swap within Spain’s new company rescue laws. In 2008 Promociones Habitat SA (Habitat)applied for voluntary bankruptcy with accumulated liabilities of 2,840 million euros. Two years later, … Continue Reading

Breaking Up is Hard to Do…

As the next quarterly rental payment fast approaches, some companies – particularly in the retail sector where sales in the run up to Christmas haven’t been what they’d hoped – may be considering exiting an onerous, costly lease. That will involve reviewing the break clauses in the lease and weighing up the costs of exercising … Continue Reading

A shift in the balance……?

On 14 September 2015, judgment was handed down in the case of Re SSRL Realisations Limited (In Administration), in which a landlord was granted permission to forfeit a lease by peaceable re-entry. The case will be of interest to insolvency practitioners and landlords alike – but for very different reasons. The facts of this case … Continue Reading

Spain Introduces New Scheme To Give Bankrupt Individuals A Second Chance

The Royal Decree-Law 1/2015 dated February 27, 2015 (the “RDL”) seeks to implement urgent measures to, among other things, reduce individual debtors’ financial burden. The RDL was designed to give a second chance to an individual debtor and introduced a mechanism according to which such debtor may have his debts discharged if (i) he acts in good faith … Continue Reading

UK Retail – Another Dressing Down?

Is UK Retail still in the doldrums? Christmas is a critical time for most retailers and can be the difference between life and death for many high street stores. With the economy’s recovery in its early stages and purse strings remaining tight, Christmas 2014 was never expected to be all tinsel and mistletoe. Christmas trading … Continue Reading
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