On November 15th, we laced up our dancing shoes, fired up the grill, and came together as a community for an unforgettable evening of fun and music. Our charity Barn Dance was an incredible success, raising an impressive £2,350 for the Children...
With businesses becoming insolvent in large numbers, opportunities abound to acquire assets from their administrators. However, the low prices sought for the assets are due, at least in part, to the additional risk to the purchaser.
Here are some of the main issues to be aware of when buying property from an administrator:
• Vacant possession of a property will not normally be guaranteed and the cost of clearance of items left in the building should be borne in mind;
• No guarantees or warranties regarding the property will be given – undertaking proper due diligence to reduce risks is advisable;
• There may be items that appear to be a part of the property being sold which do not in fact belong to the insolvent business; and
• The administrator acts only as agent for the insolvent company and will accept no liability for errors or omissions.
Buying a property from an administrator is a risky business. We can help you to control the legal risks.