A property company director owned her personal residence in a partially owned corporate vehicle and occupied the apartment under an Assured Shorthold Tenancy. The purchase had been financed by a challenger bank.
For personal reasons the remainder of the shares in the corporate were transferred to the director which change of control breached the terms of the bank loan.
As a result of the breach, the lender appointed a receiver and ABC have provided funds to repay the bank loan before the property could be sold by the receiver to a third party
- The involvement of the receiver
- Time constraint
- Corporate structure