Gambling on title

A thorny issue in administrations, and liquidations for that matter, is the question of retention of title. Office holders are wary of the risks of interfering with the property of third parties for which they might be personally liable. A recent case provides some well-received comfort for office holders.

The case centred on a number of issues, in particular the use and ownership of more than 500 fruit machines by an operator who specialised in the gaming industry. That operator (and other group companies) went into administration. Another company appeared to hold the benefit of title to the gaming machines supplied to the operator, based on a clause that provided that ‘legal ownership of goods herein is retained by [the supplier] until full and final settlement is made’.

In this case, the administrators traded the businesses (at a loss) and subsequently agreed a sale of certain of its business and assets. The sale documentation included the usual terms about title and excluded retention of title (ROT) assets from the sale…

Click on the link below to read the rest of the Gateley briefing. 

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Gateley

  • Best price? Strickland v Blemain Finance Ltd

    A heritable creditor is required to ‘take all reasonable steps to secure that the price at which all or any of the subjects are sold is the best that can be reasonably obtained’.

  • Will you get caught by the DPA?

    If defects appear in a building after completion, the developer or contractor may be liable to the owners of the building, in contract or negligence, for the cost of remedying that work.

View more briefings from Gateley

Analysis from The Lawyer

Overview

111 Edmund Street
Birmingham
B3 2HJ
UK
http://www.gateleyuk.com/news-and-events/social-media/

Turnover (£m): 71.70
No. of lawyers: 406