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is term used in ‘Cross Border Regulations’, when an Insolvency Practitioner in England & Wales chooses to pursue assets that are in a foreign jurisdiction. An establishment is a place where a business carries on ‘non-transitory’ (ie permanent) activity through human means or assets.
If an establishment is proven, a person can take ‘Non-Main Proceedings’ against assets in that jurisdiction using the law of that jurisdiction before its courts in relation to the assets in that jurisdiction at the time the action commenced.
[See ‘Cross Border Regulations’, ‘Insolvency Practitioner’ and ‘Non-Main Proceedings’.]
An Exclusivity Agreement (also known as a ‘lock-out agreement’) for the sale and purchase of a business is one in which a seller agrees not to negotiate with another prospective buyer for a stated period of time.
The agreement does not constitute a contract for sale of any interest in land, and is therefore not subject to the formalities required by section 2 of the Law Of Property (Miscellaneous) Provisions Act 1989, which states that a contract for the purchase and sale of land must be in writing. However, it will almost certainly be evidenced in writing, for the security of both parties.
The officeholder can enter into such a contract, but like any other contract they will be liable for damages if it is broken.
It is not recommended that an Administrator, for example, enters into such an agreement, as they must be open to all offers, considering which one represents the best deal.
[See ‘Officeholder’ and ‘Administrator’.]
Execution is a creditor enforcement action taken by someone to whom money is owed and they have (usually) tried all other methods to recover the amount due
