disclaim a lease

Polish translation: rozwiązać/wypowiedzieć umowę najmu

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:disclaim a lease
Polish translation:rozwiązać/wypowiedzieć umowę najmu
Entered by: Jacek Kloskowski

00:40 Jul 27, 2017
English to Polish translations [PRO]
Law/Patents - Law (general) / Lease Agreement
English term or phrase: disclaim a lease
If the Lease is disclaimed or forfeited and if the Landlord within six (6) months of the disclaimer or forfeiture requires in writing the Guarantor will (at the option of the Landlord) either
- (subject to paragraph 14) enter into a new lease of the Premises at the proper cost of the Guarantor on the terms of the Lease (but as if the Lease had continued and so that any outstanding matters relating to rent review or otherwise shall be determined as between the Landlord and the Guarantor) for the residue of the Term from and with effect from the date of the disclaimer or forfeiture; or
- Pay to the Landlord (or as it directs) on demand an amount equal to the monies which would otherwise have been payable under the Lease until the earlier of six (6) months after the disclaimer or forfeiture and the date on which the Premises are fully relet
Martyna Matyszczyk
Poland
Local time: 06:51
rozwiązać/wypowiedzieć umowę najmu
Explanation:
PRINT
If a company goes into liquidation, the liquidator is able to disclaim the whole of an insolvent tenant’s liability under a lease. The disclaimer ends all of the tenant’s rights, interests and liabilities, effectively meaning that the tenant can get out of the lease early. This can have a significant impact on a landlord, whose expected income from the property suddenly comes to an end.

This note explains when the right to disclaim arises, what process the liquidator follows, the practical effects on third parties and the operation of vesting orders. Disclaimer is also available to the trustee in bankruptcy of a bankrupt individual. While this is not specifically covered by this note the process is essentially the same.

WHEN DOES THE RIGHT TO DISCLAIM ARISE?

An insolvent company is put into liquidation with a view to collecting in the assets and using them to pay off the company’s debts and liabilities (prior to it being dissolved). To enable this process, one of the liquidator’s key powers is his right to disclaim “onerous property”. This is defined as any unprofitable contract or property of the company that is unsaleable or may give rise to liabilities. A commercial lease will almost always be “onerous” as it includes a liability to pay rent and other sums and to maintain the property.

WHEN CAN THE DISCLAIMER BE MADE?

Generally speaking a disclaimer can take place at any time while the company is in liquidation. However this can leave the landlord in a difficult position, not knowing whether or when the lease will be disclaimed. He is therefore able to force a decision by serving a “notice to elect” on the liquidator. This gives the liquidator 28 days to disclaim, or he loses his right to do so (unless the liquidator makes a court application to extend this time limit).

https://www.bsdr.com/publication/tenant-insolvency-disclaime...
Selected response from:

Jacek Kloskowski
United States
Local time: 01:51
Grading comment
Bardzo dziękuję.
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1rozwiązać/wypowiedzieć umowę najmu
Jacek Kloskowski
4rozwiązać stosunek najmu
Agata Osinska


  

Answers


11 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
rozwiązać/wypowiedzieć umowę najmu


Explanation:
PRINT
If a company goes into liquidation, the liquidator is able to disclaim the whole of an insolvent tenant’s liability under a lease. The disclaimer ends all of the tenant’s rights, interests and liabilities, effectively meaning that the tenant can get out of the lease early. This can have a significant impact on a landlord, whose expected income from the property suddenly comes to an end.

This note explains when the right to disclaim arises, what process the liquidator follows, the practical effects on third parties and the operation of vesting orders. Disclaimer is also available to the trustee in bankruptcy of a bankrupt individual. While this is not specifically covered by this note the process is essentially the same.

WHEN DOES THE RIGHT TO DISCLAIM ARISE?

An insolvent company is put into liquidation with a view to collecting in the assets and using them to pay off the company’s debts and liabilities (prior to it being dissolved). To enable this process, one of the liquidator’s key powers is his right to disclaim “onerous property”. This is defined as any unprofitable contract or property of the company that is unsaleable or may give rise to liabilities. A commercial lease will almost always be “onerous” as it includes a liability to pay rent and other sums and to maintain the property.

WHEN CAN THE DISCLAIMER BE MADE?

Generally speaking a disclaimer can take place at any time while the company is in liquidation. However this can leave the landlord in a difficult position, not knowing whether or when the lease will be disclaimed. He is therefore able to force a decision by serving a “notice to elect” on the liquidator. This gives the liquidator 28 days to disclaim, or he loses his right to do so (unless the liquidator makes a court application to extend this time limit).

https://www.bsdr.com/publication/tenant-insolvency-disclaime...

Jacek Kloskowski
United States
Local time: 01:51
Specializes in field
Native speaker of: Native in PolishPolish, Native in EnglishEnglish
PRO pts in category: 252
Grading comment
Bardzo dziękuję.

Peer comments on this answer (and responses from the answerer)
agree  Frank Szmulowicz, Ph. D.
20 mins
Login to enter a peer comment (or grade)

9 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
rozwiązać stosunek najmu


Explanation:
Rozwiązanie jako pojęcie szersze niż wypowiedzenie (wypowiedzenie jest jednym ze sposobów rozwiązania) i stosunek najmu - bardziej precyzyjne określenie z prawnego punktu widzenia.

Agata Osinska
Poland
Local time: 06:51
Specializes in field
Native speaker of: Native in PolishPolish
PRO pts in category: 4
Login to enter a peer comment (or grade)



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