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Often the Insolvency Practitioner will require to be paid for all pre-insolvency matters’ on a fixed fee basis, where there will be a fixed amount applied to a particular set of actions.
[See ‘Insolvency Practitioner’ and ‘Statement of Insolvency Practice’.]
A simple definition of a fixture is a piece of equipment or furniture which is fixed in position in a building or vehicle.
Fixtures are chattels that have become fixed to the land or building and so become part of it. However the legal distinction between fixtures and chattels is not always easy to clarify.
Whether something has been affixed to property, so as to become a fixture, is a question of fact. The answer partly depends on the extent to which the chattel is attached to the land or building and also how it is affixed. The purpose for which the chattel was annexed to the land or building is also relevant.
The term ‘fitting’ is imprecise. Depending on the context, it might refer to a fixture or to a chattel that is attached to land or a building, but is different from a fixture due to its nature, or the purpose or method of attachment. Some uses of the term ‘fitting’ will cover, or at least not differentiate between, the two possibilities.
For both landlord and tenant it is important to understand which items are their responsibility and which must remain or be removed when a lease comes to an end or a tenant vacates.
[See ‘Chattels’.]
In order to raise money for future investment and to grow a business or sustain their home life, companies and individuals (respectively) borrow funds from banks, financial institutions and other companies in the form of loans to fulfil their monetary requirements.
The lender may demand security against the loan and so, the borrower creates a charge over the assets or lien on the property.
