We acted for an overseas bank in relation to a legal charge over two commercial properties in Barking which are valued together at approximately £6 million. The mortgagor company entered liquidation; the bank had been in dispute with the mortgagor over the grant of a lease of one of the buildings without the bank's consent in breach of the charge. Possession proceedings were successfully pursued against the unlawful occupier and the bank appointed an LPA receiver. Negotiations have been ongoing with the liquidator as to the sale and removal of assets and the delivery up of both properties, so that the bank can sell or let them.
In addition we are advising on a dispute with a neighbour over a building constructed on adjoining property by the mortgagor without the neighbour's consent. This has led to problems over access and the provision of utilities.
We worked closely with the bank, its agents marketing the property and the receiver to resolve the numerous issues and minimise the losses to the bank.