Securing your position in corporate insolvency

This case concerns a well-known firm of multiple retailers who specialised in the sale of quality travel goods, handbags and luggage.

Our clients, a quoted public company, noticed in the financial press that their tenant was going into voluntary liquidation. We were instructed to attend and, if necessary remove goods immediately. The rent owing was in the region of £8,000. We attended the same day with a large pantechnicon and duly removed goods, sufficient in value to cover the outstanding rent and the envisaged costs of about £1,200.

Some two weeks later the stock was put into public auction and after all costs and fees had been met, our client received payment of the arrears in full.

Comment

Landlords and their agents often panic when they hear of their tenants approaching insolvency of one kind or another. In fact the common-law remedies both of Distress and Forfeiture by peaceable re-entry can often still be applied. There are exceptions, ask us if in doubt.

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