Liquidator has not completed their job

A

Alwyn

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I purchased a commercial premises in 2007 and leased it out to a company on a 25 year lease. Six months ago the tenant company began having difficulties paying their rent and I advised them to pay off what they could. They paid small amounts each month.

Long story short the tenants decided to up and leave the premises without warning. A couple of weeks later I received a letter from a liquidator who they'd appointed, who said she had no interest in my premises and I was free to begin renting again. Keeping in mind the premises is filled with equipment and hoards of stock that could be sold to pay off the ex tenants liabilities.

At this stage, is this entirely non of my business and if not what should I do with the equipment and stock?
 
Hi, from what I gather the equipment is on HP. If I sell it will I be held accountable? Are liquidators not meant to do the selling?
 
The leasing company may have a first recourse to the goods unless they're part of the liquidation.
If you seek to remove or sell the goods without notifying them, they may have a claim against you.

Yet you've been very reasonable and are now lumbered with the disposal of assets you don't own - messy.
I would ask somone used to dealing with liquidations to look over this for you - and the leases - to see where you stand.

Where you are left holding the baby, unable to even clear the premises but in a legal mess over the contents, the ODCE may have a role.
I know from a colloeauge that it costs money to wind up of a company and if these assets were free and unencombered they would not be there.

I'd take proper advice before acting, and probably secure and insure the premises in the meantime, until you know where you stand and what you can do.

ONQ.

All advice on AAM is remote from the situation and cannot be relied upon as a defence or support - in and of itself - should legal action be taken.
Competent legal and building professionals should be asked to advise in Real Life with rights to inspect and issue reports on the matters at hand.
 
Hi ong, the liquidator has not come near the premises to inspect the stock or the equipment and briskly fobbed me off with regards to disposing of them. There is also a council liability left unpaid. I also hold a personal guarantee against the ex tenants. Should I act on the guarantee or let sleeping dogs lie.

I am eager to lease out the building again but this debacle is holding things up.
 
Time said:
I would enforce the PG asap.
Click to expand...

Agree.

I'd remind the people giving the PG that as long as the equipment is on site, you will continue to charge rent which will be claimed against the PG. And if you have to arrange disposal of the equipment, you will pass on the cost also.
 
Hi boomtobust,
I have to second both Time and csirl.

Its costing you money to have their gods and/or equipment there in terms of a lease you mgiht otherwise get becausae you cannot let the place as is.

In addition, I understand that the property is not "free and unencumbered".
There have been posts by unfortunates to AAM who were stung for unpaid raids having taken up what they imagined was a new lease.

Lo! and behold they found that the unpaid rates of the previous tenant came to their door.
Canny prospective leaseholders in the current market will be sure to check these things out, so its important you ensure that the previous tenants discharge their debts.

ONQ.

All advice on AAM is remote from the situation and cannot be relied upon as a defence or support - in and of itself - should legal action be taken.
Competent legal and building professionals should be asked to advise in Real Life with rights to inspect and issue reports on the matters at hand.
 
You need to get advice from a solicitor who will advise you of your rights. The liquidator has failed in his job as he should be paying you for rent as you are securing and storing the machinary and stock. The PG is about your only route which you need to deal with ASAP.
 
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