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Company Law

Analysis - guidance - compliance

10 DEC 2014

EDWARDS & ANOR v BUSINESS ENVIRONMENT LTD & ORS

EDWARDS & ANOR v BUSINESS ENVIRONMENT LTD & ORS
Chancery Division
Mr D Halpern QC
(Sitting As A Deputy Judge Of The Chancery Division)
28 October 2014

Judgment:
[1] Business Environment Fleet Street Ltd (“the Company”) is the owner of long leases of Bouverie House, 154-160 Fleet Street, and 17 Johnson’s Court, London EC4 (“the Properties”). It is common ground that the Company is in the business of granting short- term subleases of units within the Properties as serviced offices. (I have not been shown any such subleases but I shall refer to them generically as “the Subleases”.) The Company mortgaged the Properties as security for debts which are now said to exceed£40m. The lenders appointed the Applicants, who are two members of Deloitte LLP, as administrators of the Company (“the Administrators”). The Administrators have agreed to sell the Properties together with the Assets and subject to, and with the benefit of, the Subleases, for £29.6m, subject to the court deciding that they are entitled to sell the Assets. According to the second witness statement of Mr Edwards (one of the Administrators) dated 24th September 2014, the deadline for completion is 31st October 2014. I heard the application yesterday and I am giving judgment now in order to enable this deadline to be met, in case the matter goes any further.

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