Chattels and fixtures — remove or not
Peel Land and Property (Ports No.3) Ltd v Sheerness Steel Ltd, decided in June, considers the classification of chattels and fixtures and the tricky distinction between those fixtures a tenant may or may not remove at the end of its lease.
The decision is a practical reminder of the importance of deciding, at the outset of a lease, which of the tenant’s fixtures should remain in place and which may be removed at the end of the term.
In Peel, the lease was granted in 1971 for a term of 125 years. The lease required the tenant to build a fully equipped steel-making plant and rolling mill, capable of producing at least 50,000 tonnes of steel a year. Removal of the plant by the tenant would be extremely complicated. It was estimated that the most significant items would take 12–18 months to remove, at a likely cost of £3–4m…
If you are registered and logged in to the site, click on the link below to read the rest of the Shoosmiths briefing. If not, please register or sign in with your details below.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
We are now starting to see more private companies looking to buy back shares as a means of managing share capital.
The government is consulting on a range of provisions in the EU Accounting Directive that could result in simpler accounting requirements for smaller companies.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…