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‘Real property’ is a parcel of land and everything that is permanently attached to the land. The owner of real property has all of the rights of ownership, including the right to possess, sell, lease, and enjoy the land.
Real property may be classified according to its general use as residential, commercial, agricultural, industrial, or special purpose. In order to understand if a person has the right to sell their home, they will need to know which rights they possess – or don’t possess – in the property.
[See ‘Legal Title’.]
A presumption is something that is taken to be true until someone proves otherwise.
A good example is in section 239 Insolvency Act 1986, where ‘desire’ is presumed if the party who received the ‘preference’ is connected with the director who orchestrated it.
This presumption can be rebutted if the director introduces evidence that there was no desire to prefer in the particular transaction, the payment was made in good faith and in the best interests of the company.
[See ‘Presumption’, ‘Insolvency Act’ and ‘Preference’.]
Within the insolvency and restructuring profession receipts and payments accounts are often called ‘R&Ps’. These accounts are statements that summarise the movement of cash into and out of the insolvent estate (of a business or individual) during a specific period.
An R&P is a summary of the cash transactions as in the cash book, including opening and closing balances. All cash receipts and cash payments find their place in this account whether they are of revenue nature or capital nature.
