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View the related checklists about Disposition

Application for a validation order for a company—checklist

Application for a validation order for a company—checklist Obtain necessary information to draft statement in support of application for validation order: • a company search • a copy of the winding-up petition • details of the debt and, if disputed, details of dispute • up to date accounts and forecasts, including bank account statements • details of the intended dispositions (including continued trading if relevant)/transfers (including supporting documentation) • if the asset is a property, identification of the property including title numbers • valuation evidence if an asset is to be disposed of See Practice Note: Validation orders—dispositions of property after commencement of winding up. Draft: • witness statement in support from a director or officer of the company who is intimately acquainted with the company's affairs and financial circumstances. If appropriate, supporting evidence from the company's accountant should also be produced. The evidence should, as a minimum, contain the information set out in the Practice Direction on Insolvency Proceedings (PDIP), para 9.11.4, namely: ◦ when and to whom notice...

Pre-completion searches—checklist

Pre-completion searches—checklist This Checklist sets out the pre-completion searches that a buyer, tenant or mortgagee should make, when the searches are necessary, timing requirements and the priority periods given by each search. It is not an exhaustive list and additional searches may be required depending on the nature of the transaction. For details of how to make each search and how to deal with any adverse entries revealed, see Practice Note: Pre-completion searches. Search When is it necessary? Timing Priority period Official search with priority Use form OS1 for an official search with priority of the whole of a registered title and form OS2 for an official search with priority of part of a registered title On a registrable disposition of a registered estate (or estate pending first registration) for valuable consideration At least five working days before completion 30 working days provided:• the search is made correctly• the disposition is completed and the application to register the disposition is entered on the day list before the...

View the related flowcharts about Disposition

Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

View the related practice notes about Disposition

Land registration—overriding interests, occupiers and interests which have lost overriding status

This Practice Note looks at overriding interests under the Land Registration Act 2002 (LRA 2002). It contains detailed content on actual occupation as an overriding interest as well as linking to additional relevant content which provides detailed information on other overriding interests. It also touches on interests which have lost overriding status since LRA 2002 came into force.Overriding interests under the Land Registration Act 2002Overriding interests generallyOverriding interests are unregistered interests which affect registered land even though they are not shown on the register. They bind both the registered proprietor and any person who acquires an interest in the property.Overriding interests fall into two categories:•those that override the first registration of land; these are set out in LRA 2002, Sch 1•those that override a registered disposition of land for value; these are set out in LRA 2002, Sch 3Both categories of overriding interest include the types of interest set out below.Leases for less than seven yearsMost leases for less than seven years are overriding interests. However, there are exceptions; a...

Charity land disposals

Identifying charity landCharity land can be held by any person or group of persons. The purpose for which the land is held determines whether or not it is charity land. In many instances land is held by a registered charity. However, it is possible that a company (whether limited by shares or guarantee), a local authority, a body of trustees or an unincorporated association might be holding land on the terms of a charitable trust without necessarily even being aware that it is doing so. See below for the statutory definition of ‘charity land’.Different types of charity for the purpose of land transactionsThere are three types of charity for the purpose of disposal, each of which requires a different procedure:•exempt charities—any charity listed in Schedule 3 to the Charities Act 2011 (CA 2011) is an exempt charity (this includes academies, foundation and voluntary schools, sixth form college corporations and most universities, certain museums and galleries and various charitable societies (eg housing associations)•non-exempt charities—although the term 'non-exempt charity' does not actually...

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Cross-border protocol for insolvencies or restructurings

Cross-border protocol for insolvencies or restructurings This Agreement is made [insert day and month] 20 [insert year] Parties 1 [insert name of insolvency representative] in their capacity as [insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner] of [insert name of company(ies) appointed over] in [insert name of country A] appointed by a decision of the [insert name of court or administrative or governmental or regulatory body appointing them] dated [insert date]; and 2 [insert name of insolvency representative] in their capacity as [insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner] of [insert name of company(ies) appointed over] in [insert name of country B] appointed by a decision of the [insert name of court or administrative or governmental or regulatory body appointing them] dated [insert date]; together referred to as the Insolvency Representatives; and 3 [insert name of debtor company(ies)] a company incorporated in [insert country] under number [insert registered number] whose ...

Trust for a disabled person—discretionary

Trust for a disabled person—discretionary This TRUST is made on [date] Parties 1 [settlor] of [address] (the Settlor) and 2 [original trustees] of [addresses] (the Original Trustees) Background (A) The settlor wishes to make this Trust and has transferred to the Original Trustees the assets described in Schedule 1 to be held on the following trusts. (B) The Principal Beneficiary is a disabled person within the meaning of that term in the Finance Act 2005, Schedule 1A. This Deed PROVIDES: 1 Definitions and interpretation In this Trust: 1.1 Discretionary Beneficiaries • means (a) any spouse or [widower OR widow] whether or not remarried of the Principal Beneficiary; (b) the descendants of the Principal Beneficiary; (c) the spouses, widows or widowers (whether or not remarried) of the descendants of the Principal Beneficiary; 1.2 Principal Beneficiary • means [disabled person]; 1.3 spouse • shall include a civil partner registered under the Civil Partnership Act 2004 and a spouse of the same sex, and a person is a...

View the related q&as about Disposition

In a contract for the sale of goods (business to business), is the buyer entitled to reject the goods if they do not conform to specification in circumstances where the buyer has, subsequent to delivery by the seller, shipped the goods onwards to a third country? Is the supplier liable to refund the price of the goods before they receive the returned goods?

In a contract for the sale of goods (business to business), is the buyer entitled to reject the goods if they do not conform to specification in circumstances where the buyer has, subsequent to delivery by the seller, shipped the goods onwards to a third country? Is the supplier liable to refund the price of the goods before they receive the returned goods? Where the buyer has shipped the goods onwards, English law will consider whether the buyer acted as having accepted the goods. Section 35(6) of the Sale of Goods Act 1979 (SGA 1979) provides that the buyer is not deemed to have accepted the goods ‘merely because the goods are delivered to another under a sub-sale or other disposition’. See also Commentary: Resales: Halsbury’s Laws of England [313]. Upon taking delivery, the buyer should take every opportunity where possible to examine the goods. SGA 1979, s 34 provides that the seller is bound on request to allow the buyer a reasonable opportunity of examining...

Do mortgage deeds need to be executed by the mortgagee or just the mortgagor? If separate counterparts are executed, do both counterparts need to be registered?

Do mortgage deeds need to be executed by the mortgagee or just the mortgagor? If separate counterparts are executed, do both counterparts need to be registered? In order to be effective to grant security to the mortgagee, a mortgage does not need to be executed by the mortgagee as well as the mortgagor (see: Target Holdings Ltd v Priestley, Helden v Strathmore Ltd and Rollerteam v Riley). A mortgage is a disposition of an interest in land and therefore only needs to be executed, as a deed, by the mortgagor, per sections 52 and 53 Law of Property Act 1925 and s 1 of the Law of Property (Miscellaneous Provisions) Act 1989 (LP(MP)A 1989); it is not an agreement to dispose of an interest in land (which would be subject to LP(MP)A 1989, s 2), which requires such an agreement to be in writing and signed by or on behalf of both parties, whether in one document or identical counterparts each executed by one party....

View the related News about Disposition

Question of the week: How can a trust established after 2009, with a 125-year duration and beneficiaries including the settlors' children and their descendants, be dissolved or wound up if the standard requirement is to obtain approval from all beneficiaries, considering that some beneficiaries have not yet been conceived or born and therefore cannot provide their consent?

This Q&A considers the methods termination of a trust where there are adult beneficiaries and when there are minor beneficiaries.

High Court clarifies the scope and procedure for the Secretary of State’s review of National Policy Statements (Re Transport Action Network Ltd v Secretary of State for Transport)

Planning analysis: The court confirmed that statutory consultation of a National Policy Statement (NPS) (or any review thereof) must be carried out in accordance with the ‘Sedley principles’ that require the consultation to be carried out when the proposals are at a ‘formative stage’ and the need for ‘conscientious consideration’ of consultation responses. The court clarified that these principles were limited to matters which a reasonable reader would think was within the scope of the consultation rather than a subjective test as to what the Secretary of State (SoS)’s intention was in the consultation. Written by Brendon Lee, Partner at HCR Hewitsons.