Vesting of lease: failure to elect leads to exclusion from lease interest; application can vest the lease subject to existing liabilities. An application directs a respondent to elect whether to seek a vesting order for property under a lease; failure to apply within the period specified after service results in exclusion from all interest and security in the premises. If the respondent applies, the tribunal may order that the LLP's interest in the lease vest in the respondent for the residue of the term, subject to the same liabilities and obligations as those to which the LLP was subject at the commencement of the winding-up, or as if the lease had been assigned on that date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Vesting of lease: failure to elect leads to exclusion from lease interest; application can vest the lease subject to existing liabilities.
An application directs a respondent to elect whether to seek a vesting order for property under a lease; failure to apply within the period specified after service results in exclusion from all interest and security in the premises. If the respondent applies, the tribunal may order that the LLP's interest in the lease vest in the respondent for the residue of the term, subject to the same liabilities and obligations as those to which the LLP was subject at the commencement of the winding-up, or as if the lease had been assigned on that date.
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