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In a recent case in which our office has been acting on behalf of the principal debtor/mortgager and its guarantor the powers of an out of court appointed Administrator/Receiver as per a floating charge have been questioned.
In a recent case in which our office has been acting on behalf
of the principal debtor/mortgager and its guarantor the powers of
an out of court appointed Administrator/Receiver as per a floating
charge have been questioned.
The court held that an Administrator/Receiver, appointed as per
a floating charge, could not sell an immovable property through an
open invitation for offers -(exercising his powers granted to him
by the floating charge)- which was mortgaged prior to the date of
the crystallization of the floating charge.
By applying the maxim that "Equity follows the Law",
the court held that the Administrator/Receiver shall use the
procedure provided in the Transfers and Mortgages of Immovable
Properties Law 9/65 to sell the mortgaged property and not any
other procedure of sale which is not regulated by legislation.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
