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A tenant went into administration, and then creditors' voluntary arrangement. The liquidator surrendered the leases. In determining preliminary issues as regards the amount of the landlord's proof of debt, the Chancellor held that the surrender released the tenant's obligation to re-instate the demised premises at the expiry of the term. Further, the landlord's claim for disrepair was inconsistent with s 18 of the Landlord and Tenant Act 1927, which restricted the landlord's claim. Accordingly, the liquidators had been correct to reject the landlord's proof as submitted.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...