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(Court of Appeal, Patten, Lewison and Sharp LJJ, 24 February 2014)
Where an office holder retains possession of property for the benefit of the winding-up or administration, rent will be treated as accruing from day to day and payable as an expense of the winding-up or administration. Leisure (Norwich) II Ltd v Luminar Lava Ignite Ltd and Goldacre (Offices) Ltd v Nortel Networks UK Ltd were overruled.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...
Detailed explanation of the advantages and disadvantages of CVAs